Britain’s impending exit from the EU does not appear to be affecting property auction sales in Coventry and Warwickshire, according to leading property auctioneer Loveitts.
The estate agent and sole property auctioneer, which is preparing for its latest bi-monthly auction, has revealed that while some investors in London and the South East are showing signs of nervousness, this sentiment has not spread to the Coventry area.
“Investors appear to have left any Brexit wobbles they feel at the door of our auction room – we’re as busy as ever,” says Sally Smith, auctioneer and director of Loveitts.
“Whether it is because property in this area provides a good return on investment for landlords, or that people are excited about Coventry becoming UK City of Culture 2021, there is no denying that the auction market is buoyant.”
She adds: “We have had lots of interest over the past year and it is certainly not abating. Rental yields here are easily exceeding those now available in London and Investors are taking a long view when it comes to Brexit.”
At the firm’s September auction, 28 properties – ranging from a small parcel of land to family homes and an office – were sold for a total of £2,511,500. What’s more, many exceeded their guide prices. A collection of 14 garages off Moor Street, Coventry, went under the hammer for £68,800 against a guide price of £45,000-£55,000.
Investment opportunities were also popular, with a terraced house in Gulson Road, Stoke, achieving £157,5000 – well above the guide price of £110,000-£130,000.
“Our next auction is already attracting a lot of interest from buyers from the area and farther afield, with more than 20 lots up for sale,” Sally Smith adds. “We have a very varied portfolio from parcels of land across Coventry and Warwickshire to a house subdivided into eight flats in Shakespeare’s home town of Stratford-on-Avon.”
Loveitts’ next auction will be held at The Village Urban Resort Hotel, Canley, Coventry, on Thursday November 21 at 6.30pm.