06 July 2022

Guernsey housing market activity picks up in Q2 as part of strong half year sales numbers

Sales activity in the Guernsey Local Market between April and June was up compared to the first three months of 2022, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.

The second quarter of this year saw 246 Local Market houses and flats sold compared to 208 in Q1 – the first rise in the quarterly figures since the second quarter of last year.

It means for the six months to the end of June 2022 there have been 454 Local Market transactions – 26 fewer than was recorded in the first half of last year but more than any other half year total since 2007 (560).

Of those 454 sales so far this year, the median price (realty only) of the 335 houses sold, currently stands at £658,125, up from £557,875 for the same period in 2021. The median price (realty only) of the 119 Local Market flats sold is £341,250, up from the £292,500 recorded in the first six months of last year.*

For the Guernsey Open Market, there were a further 18 properties sold during the second quarter of this year, bringing the total number of Open Market transactions recorded by Unusualities of Guernsey in the first six months of 2022, to 46, which is 11 fewer than for the first six months of last year. The median price (realty only) of the 44 Open Market houses sold this year is £1,289,438, which is up from the £1,218,750 for the same period last year. The two Open Market flats sold so far this year have a median price (realty only) of £2,026,298.*

Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "While activity has generally slowed since the spikes we saw in the latter part of last year and indeed in the second half of 2020, it is encouraging to see that levels are more than holding their own when compared to pre-COVID years. Having said that, it will continue to be an interesting market to watch with so many recently completed transactions likely to negatively impact the number of properties available to purchase."

 

*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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