Guernsey housing market nears pre-financial crisis levels

Posted: 19/01/2021

BL65_Guernsey HarboursBumper sales activity in the final quarter of 2020 across Guernsey's Open and Local Markets led to the highest combined annual total of house and flat transactions for both markets since 2006 and 2007 respectively, according to the latest conveyancing statistics from Unusualities of Guernsey.
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 – four more than recorded for the whole of 2016.

Local Market data

On the Local Market, Unusualities of Guernsey recorded a total of 1,017 transactions in 2020, comprising 766 houses and 251 flats. This represented 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. 

In the final three months of last year, a total of 362 Local Market transactions were completed – 270 houses and 92 flats - surpassing the previous highest quarter in Q4 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 in 2019. The median price (realty only) of the 251 flats sold in 2020 was £270,563, up from £248,625 recorded in the previous year.*
JasonMorgan_CareyOlsen_2019Jason Morgan (pictured), head of Carey Olsen's property group in Guernsey, commented: "The property market has made an extraordinary recovery following Guernsey's coronavirus lockdown in the early part of last year. 

"Since the lifting of restrictions, 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. This speaks volumes for the way Guernsey has responded to the coronavirus situation and 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 typically completed for a nominal consideration.

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