A post-lockdown surge in Local Market housing activity peaked between July and September to deliver the highest combined total of house and flat sales seen in Guernsey during any quarter since Q4 of 2006, according to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics.
Figures reveal that there were a total of 318 Local Market transactions during Q3 of this year, comprising 239 houses and 79 flats. This was 21.8% more than the total recorded for the same three months in 2019 and the most for any quarter since Q4 of 2006 when a total of 326 Local Market properties were sold. Similarly, the combined figures for September alone of 83 Local Market houses and 31 flats (124) is the most for any single month since March 2007 when 82 Local Market houses and 33 flats (125) were sold.
Jason Morgan, head of Carey Olsen’s property group in Guernsey, said: “The bounce-back in Local Market activity since Guernsey’s coronavirus lockdown has been extraordinary. There appears to be a great deal of confidence with many properties selling for, or even above, their asking price, which is usually unheard of on the residential property market.
“Flat sales and purchases are where we have seen the greatest activity increase, with numbers in July to September, effectively equalling the total number of flat transactions for the first six months of the year. This could be for many reasons, but perhaps a major one is that those selling flats have been more eager to find somewhere to move to with an outdoor space, which in turn has led to more availability for first time buyers trying to take their first step onto the property ladder.”
So far this year there have been 655 Local Market sales, with the median price (realty only) for the 496 houses sold being £497,250, up from the £458,250 for the same nine-month period in 2019. The median price (realty only) of the 159 flats sold so far in 2020 is £260,813, up from the £243,750 recorded for the same period last year.*
For the Guernsey Open Market, Unusualities of Guernsey recorded 21 transactions taking place during Q3 of 2020 – the most in any quarter since the final three months of 2018 (27). For 2020 as a whole there have been 54 Open Market transactions completed, with the median price (realty only) of the 47 Open Market houses sold being £1,365,000, up from the £877,500 for the same nine-month period in 2019. The seven Open Market flats sold so far in 2020 had a median price (realty only) of £1,308,690.*
*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.