12 July 2018

Guernsey Local Market activity down in first half of 2018

Sales activity in the Guernsey Local Market is down 10% compared to the same time last year, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.

For the six months to the end of June 2018 there were 341 Local Market houses and flats sold compared to 378 for the same period last year.

Of those 341 Local Market transactions, the median price (realty only) for the 279 houses sold so far this year currently stands at £429,000, marginally up from the £428,688 for the same period last year. The median price (realty only) of the 62 Local Market flats sold in the first six months of 2018 currently stands at £235,300, which is down from the £250,325 recorded for last year.*

For the Guernsey Open Market, Unusualities of Guernsey recorded 32 transactions in the first six months of 2018, compared to 19 for the same period last year. Of those 32 sales, the median price (realty only) of the 30 Open Market houses sold is £910,000, up from the £812,500 for the same period last year. The two Open Market flats sold in 2018 have a median price (realty only) of £1,023,750.*

Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "While the fall in activity in the Local Market so far this year is something to monitor going forward, it is important to note that it is largely comparable to what we saw at the same stage in 2016 and considerably up on the levels of 2014 and 2015.

"At the same time, continued interest in the island's Open Market is encouraging and the number of transactions we are seeing being completed is comfortably higher than we have seen for some years. Hopefully this is a trend that will continue, supported by appropriate initiatives to encourage new entrants to the Open Market."

*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically priced at £1.