Changes to Guernsey’s Open Market will allow the island to keep pace with other jurisdictions and ensure its housing stock meets the demands of modern buyers, agents have said.
Stuart Leslie, head of residential sales at Savills Guernsey, was speaking at an event hosted at the firm’s offices in Glategny Esplanade that included a Q&A with States of Guernsey Environment & Infrastructure president Lindsay de Sausmarez. The panel also included David De La Mare from DLM Architects.
Last month the States approved changes that will effectively allow three new build properties to be added to part A of the Open Market housing register ever year.
Applicants will also be able to transfer part A inscriptions from an existing property to a new-build or between properties currently on the Open and Local Markets, provided they comply with a range of conditions.
This includes making it easier for long-standing Open Market residents wanting to downsize to swap their part A inscription with a smaller Local Market property.
Stuart said: “The Open Market performs an important role in our economy, but it was developed decades ago and the rules governing it have failed to keep pace with buyers’ demands.
“The changes should encourage a greater variety and quality of housing stock onto both the Open and Local Markets – meeting the needs of modern offshore relocators as well as long term residents of the island.
“People continue to move to Guernsey for lifestyle reasons as much as financial and we need to ensure the island’s housing offer is competitive with other jurisdictions, while balancing that with the requirements of those looking to move on the Local Market.”
The Open Market changes were developed and co-designed with industry stakeholders, including estate agents and property professionals, property developers, Locate Guernsey and the Open Market Forum, as well as being informed by feedback from the Policy & Resources Committee, and the Committees for Economic Development and Home Affairs.
Nick Paluch, director in the residential sales team at Savills Guernsey, added: “Previous uncertainty around the future of the Open Market has historically knocked confidence, however we feel this clear and well developed policy will now give owners and buyers faith and stability.
“Crucially, the changes could help unlock some Local Market developments that stalled because they were seen as no longer financially viable. If one or two properties can be released on the Open Market it may give housebuilders enough confidence to get these going again.
“We’re also acutely aware of the difficulties that some people on the Open Market face when looking to downsize as there’s limited supply and a lack of appropriate stock.
“By making it easier for long-standing Open Market residents to transfer an inscription to a smaller home, it should allow for greater flexibility – and with the policy being based on a ‘one for one’ switch we’re confident it shouldn’t have any negative effects.”
Main picture: States of Guernsey Environment & Infrastructure president Lindsay de Sausmarez, alongisde Nick Paluch from Savills and David De La Mare of DLM architects
