A quarter-on-quarter price rise was once again seen in the island, as the average purchase price for a Local Market property climbed 4% to £573,155. This represents a 12.4% increase from Q1 of 2021.
The first three months of 2022 marked the busiest first quarter of a year since 2007, by number of transactions, with 199 sales completed.
One-bedroom apartments were the single-biggest sector of the market in the quarter, representing 16% of sales. At Livingroom Property our team have seen this activity reflected in enquiries and sales, as people look at this often-more-affordable sector of the market to get on the property ladder or downsize.
Demand is very much still outstripping supply across the property market, with a lack of stock limiting the number of transactions that are completing.
This is demonstrated by changes in the average time between a Local Market property becoming available for purchase and its subsequent sale, which has been decreasing since the first quarter of 2018 and is now fewer than 200 days.
Everyone knows that properties are moving fast and buyers need to act quickly to secure a property. Our team is selling an increasing number of homes that never even make it to our website, meaning that the buyers who are faring best in the current market are those who have registered with us.
We know what these buyers are looking for and our team are therefore able to use their experience and knowledge of the market to match them with a property when it becomes available.
On the Open Market, 26 deals were completed in the first quarter of the year, including to, in our experience, some local residents seeking value in the Open Market. Our success in the Open Market space has continued into quarter two, as in April Livingroom discreetly sold the highest-value Open Market property of the month, at over £4m.
The median realty purchase price of an Open Market property in Q1 was £1,216,313.
There has been a lot of talk on island about Guernsey’s rental market, which is just as competitive as sales. The average rental price of agreements made in the first quarter was £1,661, an increase of 10.9% year on year.
2022 has begun in the same way that 2021 ended: with a busy market driven by a lack of stock. Prospective buyers are queuing up for properties so, if you’re thinking about selling – or buying or letting, get in touch with the Livingroom team today on +44 1481 715555.