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Q2 2022, LACK OF STOCK CONTINUES TO IMPACT THE GUERNSEY PROPERTY MARKET

Thursday, 11 August 2022

The States of Guernsey has published its latest property bulletin, covering the second quarter of 2022, and the primary impact on the housing market continues to be the lack of housing stock.

The average price of a Local Market property in the quarter was £598,963, a 4.5% increase on Q1. The number of transactions rose from Q1 to Q2, from 199 to 236. However, this was 61 fewer transactions than in Q2 of 2021.

The second and third quarters of the year are traditionally busy for property sales as people like to move during the summer months.

Livingroom’s expert team have observed that there are still some hangovers of the pandemic in 2022, but conditions are now much more stable for selling and buying homes in Guernsey, as the threat of lockdowns seems, thankfully, to have dissipated.

However, the immense scale of activity in 2020 and 2021 has left the market short of stock, which drives up prices as demand simply outstrips supply.

The race for space continues to prompt market activity – a force that has always motivated buyers but has been exacerbated since the pandemic – with three and four-bed houses accounting for 45% of all transactions in the quarter.

For the seventh quarter in a row, £600,000 to £999,999 was the most popular price bracket for transactions, with 96 sales falling in this group. However, it is worth noting that this bracket spans almost £400,000, so is the largest category provided by the data.

There were 236 Local Market transactions during the second quarter of 2022, 37 more than the previous quarter and 61 fewer than the same quarter of 2021 with 22 Local Market transactions in excess of £1m, a stable figure compared to the 21 in Q1, 16 in Q4 of 2021, and 22 in Q3 of 2021.

On the Open Market, 19 transactions were completed, with a median realty purchase price of £1,366,843.

45 Open Market transactions have been completed in 2022 so far.

If you’re a buyer and are wondering how to purchase property in a busy market, those who are faring best have registered with us and share what they’re looking for; this enables us to match them with a property when it becomes available. As always, we work intensively ‘off-market’ selling and letting homes that never reach the public domain so registering is essential to avoid missing out.   

We have considerable applicants waiting behind the scenes from across the entire spectrum of the housing market, so if you are thinking of selling or letting property either immediately or at some point in the future, get in touch with the Livingroom team on +44 1481 715555.

We’re here to help.


 

 

 

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