Agency starts weekly online auctions as public demand steps up

An estate agency says it is now holding weekly online auctions in addition to its bi-monthly traditional ‘showroom’ auctions.

Loveitts, which operates in Coventry and Warwickshire, says the increased online activity is in response to public demand.

It says the weekly unconditional online auctions are “designed to suit prospective buyers who appreciate the thrill of the chase – and the prospect of a bargain – associated with auctions but who prefer to avoid the bother of attending a sale in person or submitting a proxy bid.”

Sally Smith, director and auctioneer at the agency, says: “The market is still extremely buoyant and we are getting plenty of properties. With smartphones and tablets people are now more connected than ever before and completely accustomed to buying what they like when they like over the internet …… so why not include property?"

She continues: “People already surf the internet to search for homes, now they can use it to actually buy homes. The beauty of an online auction is that buyers are totally in control of their bids and can amend them at any time of day or night.

“They don’t have to attend an auction house in person, they don’t have to submit a proxy, they don’t have to conduct bidding over the telephone and they can take a step back and assess what price they are truly willing to pay.”