Sales activity in the Local and Open Markets was at its highest first quarter levels since 2011 and 2007 respectively, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.
Figures reveal that there were 193 Local Market houses and flats sold in the first quarter of 2019, up from 151 for the same period last year and one fewer than the 194 recorded in the first quarter of 2011. Of those 193 Local Market transactions so far this year, the median price (realty only) for the 151 houses sold currently stands at £477,750, up from the £417,300 for the same period last year. The median price (realty only) of the 42 Local Market flats is £246,188, which is also up on the £234,488 recorded in the first quarter of 2018.*
For the Open Market, Unusualities of Guernsey recorded 19 transactions in the first three months of 2019, which is seven more than the first quarter of 2018 and the highest total for a first quarter since 2007, when there were 28 sales. Of the 19 sales so far this this year, all of which were houses, the median price (realty only) was £1,218,750, up from the £746,000 for the same period last year.*
Jason Morgan, head of Carey Olsen’s property group in Guernsey, said: “It is encouraging to see that sales figures for 2019 are sustaining the increased activity levels we saw in 2018 as a whole across both the Local and Open Markets. Looking specifically at the Open Market, it is also pleasing to see an increase in the median house price compared to the same time last year, as it aligns with the promising signs we had been witnessing in the sector towards the end of last year, particularly in relation to increased interest from prospective newcomers to the island.”
*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically priced at £1.