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Continued good news for property market?

Continued good news for property market?

Wednesday 10 July 2019

Continued good news for property market?

A Guernsey law firm has said the island's Local Market activity got off to a positive start during the first half of 2019.

Carey Olsen said sales activity in the Guernsey Local Market is up more than 20% compared to the same time last year. That is according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.

For the six months to the end of June 2019 there were 414 Local Market houses and flats sold compared to 341 for the same period last year.

Of those 414 Local Market transactions, the median price (realty only) for the 337 houses sold so far this year currently stands at £463,125, up from £429,000 for the same period last year. The median price (realty only) of the 77 Local Market flats sold in the first six months of 2019 currently stands at £236,437, marginally up from the £235,500 recorded for last year.*

For the Guernsey Open Market, the 33 transactions recorded by Unusualities of Guernsey in the first six months of 2019 is one more than during the same period last year. Of those 33 sales, the median price (realty only) of the 30 Open Market houses sold this year is £877,500, which is down from the £910,000 for the same period last year. The three Open Market flats sold so far this year have a median price (realty only) of £849,999.*

Jason Morgan, Head of Carey Olsen's property group in Guernsey, said: "It is encouraging to see activity levels in Guernsey's Local Market get off to such a positive start in 2019, particularly when you consider that 2018 as a whole saw the highest number of Local Market transactions completed since 2011. Similarly, the sustained interest in the island's Open Market, carrying over from last year into 2019, bodes well for the future and could be a precursor to an increase in sales and prices going forward."

*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.

Pictured: Jason Morgan. 

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