Fewer house sales due to “shortage of stock”

Friday 12 November 2021

Guernsey’s property market is still buoyant despite property transactions slowing down, according to Associate Director at Savills, Nick Paluch.

Mr Paluch has given his insight on the States of Guernsey’s latest property prices bulletin, which showed 285 local market transactions in the third quarter of 2021. This is 12 less than the previous quarter.

“Over the last 18 months we have witnessed a seismic change in buyer behaviour,” said Mr Paluch.

“The main drivers in the Guernsey market are a desire for outside space, home working – including good connectivity, a sense of community, leisure and good schools. Guernsey has always been – and will continue to be - a very popular relocation market and we expect demand in both the Open and Local Markets to remain strong throughout all of this year and into 2022.”

The mix adjusted average price of a local market property in Q3 was £554k and the annual percentage increase is looking to be the highest since the figure first began to be measured in 2008.

“A shortage of available properties on the market but particularly in the rural parishes means that homes across Guernsey will continue to be in high demand,” continued Mr Paluch.

“There will always be areas that buck the trend and perform better than others, however setting a realistic asking price from the start will be key to maintaining momentum as we finish the year and move into 2022.”