Housing market thrives despite lockdown

Tuesday 11 August 2020

Despite the difficulties presented by the corona virus pandemic, recent figures show that house prices have continued to rise in Guernsey, with demand and buyer confidence still high.

The average home will now cost islanders £459,837, rising 3.5% from the first quarter of the year. Representing a 7.5% increase from last year, this is the highest change the market has experienced since 2011.

Lockdown measures had a considerable impact on overall market activity. However, there were 78 transactions in June alone, with a combination of backlogged purchases being completed, and the market returning to some sense of normality.

Nigel Pascoe, Director of Business Development at Skipton International, said the number of transactions were below the levels usually expected.

“These statistics are interesting, especially given the difficult circumstances which buyers will have had to deal with as we entered lockdown at the beginning of this quarter,” said Mr Pascoe.

Pictured: Skipton International's Director of Business Development Nigel Pascoe commented on the latest stats. 

“The property market appears to have responded well to the pandemic.”

The difference between advertised and sale prices has continued to erode over the last two years.

According to Skipton, this suggests that properties are now being marketed at more realistic prices or that properties are being snapped up quicker when they're listed. 

The full property bulletin for quarter two, April until June 2020, can be found HERE.