There were 249 Local Market transactions in the period, up 34 from the previous quarter but a reduction of two on Q3 2018. Four of the transactions were for properties valued at more than £999,000, a number roughly in line with expected market activity for 2019.
Q3 is traditionally the busiest quarter for completed transactions for a number of reasons, chief among them people’s desire to move over the summer months when the weather is (generally!) better and the house move is that little bit less stressful.
It’s also an issue of timing. Many house hunts begin at the start of a calendar year and finding the right property, agreeing a price and completing the survey and legal particulars can all take time. Many of those completing a purchase in Q3 2019 will have begun their search in January or February.
That’s a long timeframe but reinforces the benefit in using an agent with experience and expertise to be there to guide you through the process. At Livingroom we work with buyers from the initial search all the way through to completion and we’re very aware of the stresses and strains of the process.
The Open Market too witnessed an active Q3, with 18 transactions completed. The median purchase price for Open Market transactions was £1,014,000 – an increase on Q2.
One trend that we have seen at Livingroom over the course of Q3 is an increase in potential buyers of considerable means visiting the islands as part of their ‘emergency planning’ should they be unhappy either with the outcome of Brexit or the upcoming general election. This is understandable and demonstrates that the islands are in UK citizens’ minds as they consider their futures
The latest Quarterly Residential Property Prices bulletin from the States of Guernsey is available to view here