Open Market activity continues into 2018

Wednesday 11 April 2018

The Open Market continues to show signs of increased activity, according to the latest conveyancing statistics compiled by Unusualities of Guernsey.

During the first quarter of 2018 there were 17 Open Market transactions compared to just five for the same period last year, building on the 21 Open Market transactions recorded in the last quarter of 2017 and the 48 for last year as a whole.

The median Open Market house price (realty only) of the 17 properties sold so far this year currently stands at £746,000, which is down from the £857,500 recorded for the same period last year however.

Pictured: Jason Morgan

"It is encouraging to see the island's Open Market attracting renewed interest. With new non-domicile rules for individuals being introduced in the UK, coupled with uncertainty around residency status and higher property taxes, not to mention the prospect of a Labour Government, there is no reason why a move to Guernsey should not be a compelling consideration for high-net-worth individuals likely to be affected," Jason Morgan, Head of Carey Olsen's property group in Guernsey, said.

On the Local Market, Unusualities of Guernsey recorded 151 houses and flats as having been sold in the first three months of 2018, down from 186 in the fourth quarter of 2017 and at its lowest since the first quarter of 2016.

The median house price (realty only) of the 151 Local Market properties sold so far this year is calculated by Unusualities of Guernsey to be £390,000 – up £10,000 when compared to the first quarter of 2017.