11 January 2022
Record year for Open Market activity in Guernsey
Sales activity in the Guernsey Open Market last year was at its highest ever level, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.
Figures reveal that there were a total of 127 Open Market transactions in 2021 – 30 more than in 2020, and also exceeding the previous high of 101 in 2006 – the most of any year since Unusualities of Guernsey started recording statistics in 2004.
Of the 127 Open Market transactions completed last year, the median price (realty only) of the 115 Open Market Houses sold, was £1,469,813, up from the £1,397,750 recorded in 2020. The 12 Open Market flats sold in 2021 had a median price (realty only) of £1,032,038.*
The Guernsey Local Market also bettered last year's activity levels, with figures revealing that there were 1,026 transactions in 2021 – nine more than in 2020, though still some way short of the 1,145 recorded in 2007.
Of the 1,026 Local Market sales last year, the median price (realty only) for the 802 houses sold, was £570,375, up from £511,875 for 2020. The median price (realty only) of the 224 flats sold in 2021 was £314,438, up from the £270,563 recorded in the previous year.*
Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "Last year was an extraordinary year for the Guernsey property market, particularly the Open Market which saw a 30% rise in transactions compared to 2020 and continues to demonstrate Guernsey's attractiveness as a destination for new residents.
"We, of course, had a brief lockdown in the early part of last year but this had only a very limited impact on the appetite we have seen across both the Open and Local Markets, with average sales prices increasing further once again as a result of that demand.
"However, what the figures have also demonstrated is that Local Market activity slowed ever so slightly in the latter part of last year as a consequence of the rapid turnover of properties seen since the middle of 2020 following the first lifting of coronavirus restrictions. What now may be the case is that fewer people are looking to move home, having only recently purchased, which in turn, may have impacted the number of available properties. This may be an interesting trend to keep an eye on as 2022 progresses."
*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.