Document duty benefits States lockdown coffers

Wednesday 03 June 2020

Allowing estate agents to return to work earlier in the lockdown exit strategy is being seen as a positive step for the island's economic recovery, with a "healthy contribution from document duty" paid into the States bank account during May.

Cooper Brouard has said the States "foresight in carefully opening up the property market" has been rewarded.

Property viewings and transactions were allowed to resume during Phase 2 of the exit from Lockdown, starting on 25 April.

Since then, Cooper Brouard and other estate agents have reported a busy return to work in both sales and lettings with "plenty of new instructions, lots of viewings and offers being accepted at the same levels seen prior to Coronavirus".

Cooper Brouard said the level of interest from buyers off island has also been encouraging, "in part prompted by the national exposure of the island as a safe haven in the Coronavirus storm". The firm said travel restrictions apart, the Open Market in particular looks to benefit from this interest generated by the positive publicity.

Director Matt Brouard said: “It all bodes well for both markets and with the properties Cooper Brouard has successfully sold in May contributing over £365,000 in document duty to the States of Guernsey coffers, it proves that the property sector is an important contributor to the island economy and that the States were right to get it back up and running as soon as it was safe to do so."

Pictured: Matt Brouard.