The latest House Price Index has reported the second highest number of quarterly property transactions Guernsey this decade.
A total of 251 transactions took place in the third quarter of the year, 68 more than the previous quarter, demonstrating a continued upswing for the local market.
According to Skipton International, while the average price of property sold rose by 2.2 per cent to £419,763 compared with last quarter, this was still slightly lower than at the same time last year, suggesting buyers may be continuing to seek value within the market.
The time from property advertisement to sale continues to fall, indicating that the prior high levels of property on the market is now starting to tighten.
The last quarter saw peaks in the sale of homes priced between £300,000 and £399,000, with the largest increase in sales being those between £600,000 and £699,000.
Jim Coupe, Managing Director of Skipton International, said: “These figures support our experience of the market over the last few quarters. There appears to be a more balanced mix of mortgage lending by banks this year, which shows increased competition in the market.”
Property purchase bonds were also up five per cent in comparison to the same period in 2017, which was the best performing year for bonds since 2012.
Coupe added: “Despite the last quarter of the year generally being a slower time for property sales, we anticipate the market will continue to enjoy steady growth, with results to reflect a very healthy end to the year.”