Wednesday 18 May 2022
Select a region
Business

Record year as nearly £1bn worth of property moved in 2021

Record year as nearly £1bn worth of property moved in 2021

Friday 28 January 2022

Record year as nearly £1bn worth of property moved in 2021

Friday 28 January 2022


Collas Crill has reviewed property conveyance in 2021, highlighting an exceptionally busy 12 months for the island’s property market.

Guernsey recorded the highest value of property conveyed since these statistics began being recorded.

  • A total of 1,153 property transactions were completed, with 1,026 local and 127 of those open market. 
  • The open market saw its more active year since 2006. 
  • December saw what is believed to be the most expensive property sale in Guernsey ever, with the open market property 'Normanville' changing hands for £15.21 million. 
  • Not only has on-island activity been notably high among first-time buyers, investors, developers, and those navigating rungs of the housing ladder; there has also been a marked increase in instructions from those relocating to the island.
  • The average local market house price stood at £575,504 for the year: an increase of 13% on the 2020 average.
  • The average open market house price stood at £1,565,172 for the year, a slight decrease of 1.5% on the 2020 average (which itself was 26% higher than 2019). A total of £720,671,025 was lent against Guernsey property in 2021, a figure only surpassed once before, in 2007.

"Nobody anticipated the way the property market would react to the pandemic, not just locally, or even nationally, but worldwide. Following the first wave and subsequent lockdown, property sales began to increase, prices began to rise, and it has not stopped,” said Partner at Collas Crill, Paul Nettleship.

“While this cannot go on forever, I expect prices may level out this year, but remain high.

"This has provided opportunities for many, but has also highlighted the problems facing buyers, and in particular first-time buyers, on the island.”

“We are living in unprecedented times for all sorts of reasons. We are in the midst of a housing crisis amid a booming property market,” continued Property Partner, Jason Green.

“Fast action is required now from the States to bring to the market all kinds of property, not just affordable housing. More so than ever before, we need a slick, joined-up government for a seamless transition from States' owned land to new approved housing development.”

Pictured top: L to R, Mr Nettleship and Mr Green.

Sign up to newsletter

 

Comments

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?