Swoffers’ open and local market negotiators Alex Stuart and Scott Ingrouille reflect on a year of fluctuating mortgage rates and political shifts in the UK, and share their outlook for Guernsey’s property market in 2025.
The property market is ever-changing, and 2024 was no exception. Early in the year, buyers held off to see if interest rates would fall, while political uncertainty in the UK, leading up to the general election, prompted a surge in enquiries from those considering a move to Guernsey. Despite the fluctuating landscape, Swoffers retained its position as Guernsey’s leading estate agent.
‘2024 saw a significant uptick in open market activity, with almost 50% more sales compared to the previous year. Swoffers cemented its position as market leader and was responsible for just under 70% of open market sales. Stock levels remain healthy, offering a broad range of properties across all sectors,’ said Alex Stuart, open market negotiator at Swoffers.
Alex noted that the firm experienced a substantial increase in relocation enquiries, a trend that has continued into 2025.
‘Following Labour’s general election victory and subsequent tax changes outlined in the Autumn budget, we’ve seen a consistent flow of enquiries from individuals and families looking to relocate,’ he said.
‘Guernsey’s appeal remains strong, thanks to its stable government, excellent work-life balance, favourable tax system, high-quality education, and safe environment. These factors make the island an attractive destination for those seeking a fresh start.’
On the local market front, the picture was more challenging. Sales were harder to secure across the board, yet Swoffers managed to grow its market share significantly and notably, the agency sold three times as many properties over £1 million than its nearest competitor.
‘We took on a large number of properties, particularly in the first quarter of 2024, which gave buyers more choice and more time to make decisions. The panic-buying phase, where people felt they had to make an offer immediately after the first viewing, has eased,’ explained local market negotiator Scott Ingrouille.
Scott highlighted the importance of transparency with vendors.
‘We’ve made it a priority to be upfront with sellers about realistic pricing and to prepare them for offers below the asking price. The market has shifted – buyers are now negotiating more than they were previously.’
The start of 2024 saw many potential buyers holding off, waiting to see if interest rates would decrease. Once signs emerged that rates were stabilising, activity picked up across all levels of the market, with first-time buyers showing particular interest.
Looking ahead to 2025, both Alex and Scott remain optimistic. For open market buyers, Guernsey continues to be a highly desirable place to live, while local market buyers are benefiting from stabilising prices and increased stock availability.
‘There’s still strong demand from buyers, and we’ve already seen a high number of valuation requests for 2025. These should translate into new instructions as we move towards spring and better weather,’ said Scott.
He noted that, after a 40% rise in average local market house prices from the start of the pandemic until the end of 2022, prices have since fluctuated but are now around 5% below their peak.
‘We don’t anticipate major changes in pricing over the next 12 months,’ he added.
Alex echoed the positive outlook for the open market.
‘Early signs for 2025 are encouraging, with strong demand from both new and returning applicants. Guernsey’s straightforward relocation process and stable environment will continue to attract buyers.’
If you’re considering buying or selling in Guernsey, get in touch with the island’s most successful estate agent. Email sales@swoffers.co.uk or call 01481 711766.
