Guernsey property market returns to pre-Covid sales activity

The third quarter of this year saw 246 Local Market houses and flats sold, which was the same in Q2 but an increase from 208 in Q1.

For the first nine months of this year, to the end of September 2022, there have been 700 Local Market transactions – 81 fewer than what was recorded in the same nine-month period in 2021.

Of those 700 sales, the median price (realty only) of the 523 houses sold is £685,425, up from £590,063 for the same period in 2021. The median price (realty only) of the 177 Local Market flats sold is £368,063, up from the £316,875 recorded in the first nine months of last year.

For the Guernsey Open Market, there were a further 23 properties sold during the third quarter of this year, bringing the total number of Open Market transactions recorded by Unusualities of Guernsey in 2022 to 69, compared to 91 Open Market transactions recorded during the same period in 2021. The median price (realty only) of the 62 Open Market houses sold this year is £1,338,188, which is down from £1,755,000 in 2021. The 7 Open Market flats sold so far this year have a median price (realty only) of £1,371,345.

Pre-pandemic Open Market statistics stood at 52 transactions and Local Market stood at 675 house and flat sales by the end of Q3.

Jason Morgan, head of Carey Olsen’s property group in Guernsey, said: “The pace of the market has begun to slow following what was a record breaking 2021. However, the statistics suggest the market is returning to pre-Covid activity levels which is reassuring after the past few years of volatility. House prices on the Local Market continue to surge, however it is promising to see median house prices fall on the Open Market and it will be interesting to see how the rest of the year shapes up."