The average price of a Local Market property in the quarter was £550,893, a small decrease of 0.6% from the average price in Q3. The number of transactions also fell on the quarter, from 285 in Q3 to 235 in Q4. The figure also represented a fall of 110 from the bumper Q4 of 2020.
These decreases will be seen by some as a sign of the market stabilising, but our experience suggests they are more indicative of a lack of supply in Guernsey’s housing market.
Our team has over 200 years of cumulative experience and has never seen a period of such sustained high levels of activity. Every day we’re fielding queries from prospective buyers who are just waiting for the right property to come onto the market; that is resulting in more and more buyers purchasing their ideal home before it even gets listed on our website.
This trend is signalled in the property bulletin, which reports that the average time between a property becoming available for purchase and its subsequent sale has been decreasing across recent quarters.
The buyers who are faring best in the current market are those who have registered with us and share what they’re looking for; this enables us to match them with a property when it becomes available.
However, for some buyers the wait is growing to find the right property as there is a lack of supply after two years of frantic housing market activity.
The data denotes the upward trend in pricing since the start of 2020 by reporting the percentage of transactions completed by price bracket. In Q4 of 2021, just 9% of transactions were for properties valued at less than £299,999, compared to 23% of transactions in the same price bracket in Q4 of 2019.
124 Open Market transactions were complete across 2021; a sign that Guernsey is a popular choice for relocation as the world edges away from the most severe effects of the COVID-19 pandemic.
The median realty purchase price of an Open Market property in the quarter was £1,584,375.
2021 overall was another busy year for Guernsey’s property market, with space being top of most people’s agendas when looking to move. 2022 looks very much like that trend will continue, as the world responds to the adjusted lifestyle priorities brought about by the pandemic.
Crucially, now is a great time to sell a property in Guernsey, with waiting buyers queueing up for the right home. If you’re thinking about selling – or buying or letting – get in touch with the Livingroom team today on +44 1481 715555.