Auctioneers bring hammer down on sixth record month

Auctioneers at Loveitts (also known as Auction House) have announced that April 2019 was their sixth reported record month in a row as the company overcomes a “challenging” market.

In their best-ever April results, the auctioneer sold 353 lots from 447 offered – a near 80% success rate – raising £32.9m.

Cumulatively, the number of lots sold by Loveitts is up 9% compared to the same period in 2018. The group sold 1,125 lots from 1,471 lots offered – a success rate of 76.5%, and raising a total of £122.1m.

The company said this is evidence that regional markets are still buoyant.

Loveitts has sites in Leamington Spa, Coventry and Nuneaton and specialises in both commercial and residential property.

Sally Smith, Loveitts director and auctioneer said: “This is a phenomenal achievement in a market that is both challenging and hesitant.

“Collectively, we refuse to be negatively affected by Brexit disruption and the gloomy reports from commentators. Our results prove that there are ample sellers and sufficient buyers for us to deliver an impressive number of sales.

“Sometimes our lots receive such strong interest they sell in advance of the auction. Most sell in the room, whilst others sell after the sale has finished. It’s a compelling combination, and certainly we don’t see any other auctioneer in the country performing at this high level of activity.”

She added: “Regional auction markets are still buoyant, despite a national decline. Auction House specialises in selling local properties to local and regional buyers through nearby auction rooms. Those micro-markets are governed by regional factors, not national sentiment.

“Our regional auction rooms are delivering high success rates in most parts of the country, volume sales are still strong, and we are reporting growth at a time when estate agent activity has slowed.”