Positive relaunch for property market

Monday 18 May 2020

An estate agent and finance provider have jointly said the property market has got off to a "flying start" since its post-lockdown relaunch.

Since the easing of restrictions at the outset of phase two allowed viewing, valuations and the completion of property transactions, Cooper Brouard and SPF have said prices have held with the majority of sales going through at, or very near to, asking price.

Cathy Gallienne, Director at Cooper Brouard said: “We are finding it on a par with the uplift in sales that we normally see in the New Year. Since being permitted to go back in a limited capacity we have had several sales, both open and local, going through court; over 20 local market and rental properties under offer or let agreed; and a high volume of open market enquires with several viewings and video viewings set up. However, those figures keep increasing, with another two properties under offer this morning, that‘s how fast things are moving.” 

Ms Gallienne also said the prices that properties are achieving as hugely positive.

“There has been some commentary predicting that prices would fall but we haven’t seen any indication of that at all with all of our sales and offers hitting on or close to their asking prices and I think that’s a very positive sign for the economy as a whole.” She continues “Guernsey people are not going to let this situation interrupt their lives for any longer than they have to. They responded brilliantly to lockdown and they are now responding just as well to easing out of it and getting the economy back on track. People understand and are happy to abide by the regulations for viewings, mortgage companies have adapted, the court and advocates are working well with Powers of Attorney in place and we are seeing no real difference in completion times.”

Cooper Brouard’s observations have been echoed by those in the mortgage industry, with SPF Private Clients Managing Director, Pierre Blampied, reporting that over 40 valuations were instructed in the first week after lockdown restrictions were eased.

He said: “We have a steady stream of applications coming in and certainly haven’t seen a drop in activity. Lenders that had put business on hold are back in the market and one lender has reduced its interest rates, therefore making it more beneficial to borrowers. It does still take a little longer to process the paperwork but as Cathy says, people appreciate that we are all working together and are being patient and understanding.”

Pictured top: Cathy Gallienne, Cooper Brouard and Pierre Blampied, SPF.