2021 saw the highest value of property conveyed in Guernsey since such statistics were recorded in what was an exceptional 12 months of activity.
The figures are from Collas Crill’s 2021 review of the island’s property market which notes:
- A total of 1,153 property transactions were completed, with 1,026 local and 127 of those open market.
- The open market saw its more active year since 2006.
- December saw what is believed to be the most expensive property sale in Guernsey ever, with the open market property ‘Normanville’ changing hands for £15.21 million.
- Not only has on-island activity been notably high among first-time buyers, investors, developers, and those navigating rungs of the housing ladder; there has also been a marked increase in instructions from those relocating to the island.
- The average local market house price stood at £575,504 for the year: an increase of 13% on the 2020 average.
- The average open market house price stood at £1,565,172 for the year, a slight decrease of 1.5% on the 2020 average (which itself was 26% higher than 2019). A total of £720,671,025 was lent against Guernsey property in 2021, a figure only surpassed once before, in 2007.
Looking at the outlook for 2022 Paul Nettleship, Partner and head of Collas Crill’s Guernsey property team believes prices will remain high.
“Nobody anticipated the way the property market would react to the pandemic, not just locally, or even nationally, but worldwide. Following the first wave and subsequent lockdown, property sales began to increase, prices began to rise, and it has not stopped.
“While this cannot go on forever, I expect prices may level out this year, but remain high.
“This has provided opportunities for many, but has also highlighted the problems facing buyers, and in particular first-time buyers, on the island,” he said.
Property Partner Jason Green (shown in the main picture) said: “We are living in unprecedented times for all sorts of reasons. We are in the midst of a housing crisis amid a booming property market.
“Fast action is required now from the States to bring to the market all kinds of property, not just affordable housing. More so than ever before, we need a slick, joined-up government for a seamless transition from States’ owned land to new approved housing development.”
Click here to read Collas Crill’s full review of the Guernsey market.
