As in any market where demand outstrips supply, prices have been driven up by islanders keen to make a move but facing limited options. The mix adjusted average purchase price for a Local Market property in Q3 was £465,664 – an increase of 1.3% on the price in Q2 and a 9.2% increase on the price in Q3 of 2019.
Despite rising prices, though, the number of sales continued to climb. 227 Local Market transactions were recorded in Q3, the highest number in any quarter since 2006.
We can certainly put some of this down to pent-up activity from the lockdown period, but our team also attest to the appetite of Guernsey people to find a new home.
Some have had their priorities brought into sharper focus by the lockdown period – a home office or garden may have been ‘nice to have’ before, but could be essential now, for example – and some have decided that being stuck on the island, with travel still limited, makes this a perfect time to move.
It should be said that Q3 is historically the busiest quarter for house purchases, as people look to take advantage of moving in the warmer summer months, but nonetheless this year’s figures are staggering.
Three-bedroom houses comprised 17% of all transactions, further demonstrating the property trend of 2020: space. In our team’s conversations with buyers this is the thing that comes up most often. People are looking for more space, whether that’s because the time spent at home this year has demonstrated the great luxury of space, or because their lifestyles have changed and they now need more room.
There’s no doubt that Guernsey property prices have increased, but that doesn’t mean that vendors are able to price as they please. Buyers are still discerning and one of the consequences of a busy market is that they are hyper-aware of what’s available and at what price.
If buyers know the cost of properties, they certainly know when a vendor is trying to take advantage of a busy market. Our team have 200 years of collective experience of the Channel Island property markets so are able to advise vendors on the right price to achieve a quick sale.
The market is busy and the latest figures demonstrate the rate at which properties are changing hands this year. If you’re thinking about moving get in touch with our team on 715555 for honest, expert advice and a customer experience tailored to your needs.