19 January 2021

Guernsey Open Market and Local Market activity near pre-financial crisis levels

Bumper sales activity in the final quarter of 2020 across Guernsey's Open and Local Markets saw the highest combined annual total of house and flat transactions for both those markets since 2006 and 2007 respectively, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.

Figures reveal that that there were a total of 97 Open Market transactions in 2020 – 26 more than in 2019 and the most since 2006 when 101 Open Market properties were sold. Of the 97 Open Market transactions completed last year, the median price (realty only) of the 86 Open Market houses sold was £1,397,750, up from the £1,142,700 recorded in 2019. The 11 Open Market flats sold in 2020 had a median price (realty only) of £780,000.*

For Q4 last year alone, there were 43 Open Market transactions, which is four more than was recorded for the whole of 2016.

On the Guernsey Local Market, Unusualities of Guernsey recorded a total of 1,017 transactions in 2020, comprising 766 houses and 251 flats. This was 15.7% more than the total recorded in 2019 and the most since 2007 when a total of 1,145 Local Market properties were sold. The final three months of last year saw a total of 362 Local Market transactions completed, comprising 270 houses and 92 flats – surpassing the previous highest quarter, which was Q4 of 2006 when a total of 326 Local Market properties were sold.

Of the 1,017 Local Market sales last year, the median price (realty only) for the 766 houses sold was £511,875, up from the £455,000 for 2019. The median price (realty only) of the 251 flats sold in 2020 was £270,563, up from the £248,625 recorded in the previous year.*

Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "The property market has made an extraordinary recovery following Guernsey's coronavirus lockdown in the early part of last year when there was a predictable hiatus in activity. However, since the lifting of restrictions the confidence in the market has been unrelenting and we continue to see many properties selling for, or even above, their full asking price.

"What is equally encouraging is the increased level of interest in the Open Market. In December alone we saw 20 Open Market transactions completed and I believe this speaks volumes for the way Guernsey has responded to the coronavirus situation and how, as a result, it has enhanced its appeal to those looking to relocate to the island."

*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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