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OPINION: Cooling off period "somewhat inevitable"

OPINION: Cooling off period

Tuesday 08 August 2023

OPINION: Cooling off period "somewhat inevitable"

Tuesday 08 August 2023

The housing market is returning to something resembling a "post-pandemic norm" according to the residential sales team director at Savills Guernsey.

Nick Paluch offers his take on the recent stats published in today's States of Guernsey quarterly property prices bulletin:

“The housing market hit a peak in 2022 – so a cooling off period was perhaps somewhat inevitable. As such the slowdown in activity in the Local Market is not wholly unexpected. The market has returned to more seasonal trends and something that resembles a post pandemic norm – with the number of transactions now broadly reflective of 2019 and 2018.

“Sales are also taking longer to complete because buyers haven’t necessarily felt the same level of urgency as they did in the previous couple of years. Realistic pricing has therefore been key to maintaining momentum; something that both sellers and buyers have had to keep firmly in mind.

“Rising interest rates and the increasing cost of living continue to make life challenging for those buying and selling. The good news is that there are still a robust number of people who remain committed to a purchase in the Local Market – they are just having to adjust their budgets accordingly. We also expect more stock to come to the market in the upcoming months, which should give encouragement to those now starting their property search.

“In the Open Market activity looks to be on a par with 2022 – with 20 transactions in the last three months to June compared to 19 for the same period last year. The average median price has also increased by 19.5 per cent, albeit this is traditionally subject to greater variation given the smaller number of transactions. The long term forecasts remain positive and we expect activity to increase as we approach the end of the year and early 2024. Guernsey remains a very attractive destination, particularly when compared to the unsettled nature of the UK and the possibility of a General Election on the horizon.”

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