The States of Guernsey’s latest residential property bulletin, covering the second quarter of 2020, has confirmed what anyone keeping an eye on the property market will have already worked out: Guernsey property sales are booming.
141 Local Market transactions were recorded in Q2, down from the 174 in Q1 but not a sizeable decrease considering some form of lockdown was still in place in April and May.
Remarkably, more than half of the quarter’s transactions (78 Local Market homes) were completed in just one month – July, when the island was operating as normal but with restrictions on foreign inbound and outbound travel.
The buoyant activity at the end of 2019 and the start of 2020 resumed almost immediately as life got back to normal, as the mix adjusted average purchase price for a Local Market home climbed to £459,837, a 3.5% increase on Q1 and a 7.5% increase on Q2 of 2019.
Clearly the market has recovered better than any industry observer would have dared to predict back in March, but we’re advising clients in the same way we always have – with honesty, transparency and their best interests at heart.
Just because properties are moving quickly doesn’t mean buyers don’t have a sense of market value. Following our team’s expert advice and pricing realistically will still give you the best chance of selling your property; buyers remain savvy even in boom times
On the Open Market, 16 transactions were completed, a drop of just one from Q1, and four more than in Q2 of 2019. The four-quarter average price of Open Market property was £1,339,336
The property market has bounced back in Guernsey so if you’re looking to buy or sell get in touch with our team today at Livingroom – The Channel Island Estate Agent.