05 April 2022

Guernsey housing market activity continues quarterly drop despite 15-year first quarter high

Sales activity in the Guernsey Local Market during the first three months of this year was at its highest for a first quarter since 2007, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.

However, the 208 Local Market transactions recorded represents a significant drop when compared to the three most recent quarterly totals, though more than the first quarter of last year (174) – a period impacted by the island's second coronavirus lockdown.

Indeed, the total number of Local Market transactions for the previous three quarters are as follows:

  • Q4 2021 – 245
  • Q3 2021 – 296
  • Q2 2021 – 306

Of the 208 Local Market transactions so far this year, the median price (realty only) for the 153 houses sold, currently stands at £643,500, up from £558,188 for the same period in 2021. The median price (realty only) of the 55 Local Market flats sold is £326,625, up from the £277,875 recorded in the first three months of last year.*

It is a similar story for the Guernsey Open Market where the 27 transactions recorded by Unusualities of Guernsey in the first three months of this year is up on the same period last year but at its lowest quarterly level since the beginning of 2021. Of those 27 sales, the median price (realty only) of the 26 Open Market houses sold is £1,160,250, which is down from the £1,608,750 for the same period last year. The one Open Market flat sold this year went for a price (realty only) of £1,371,345.*

Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "It continues to be an extremely interesting time for the Guernsey property market. The apparent slowdown in Local Market activity in the latter part of last year, which I touched on in my last commentary, has continued into this year.

"It appears to remain the case that while plenty of people are still looking to move home, there are as many others who, having only recently purchased, are not looking to sell. This in turn has impacted the number of properties available to purchase and could explain why we continue to see the average price of Local Market properties increase, as those who are looking to buy are, in many cases, having to offer over the initial asking price to ward off competing bidders."

*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.

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