Fort Grey Guernsey

Busy start to the year following a challenging 2023

Local Market, News

Swoffers has had a very busy start to the year, averaging five Local Market sales a week since the middle of January.

Latest statistics from the States of Guernsey confirmed a drop off in the last quarter of 2023, when compared with the same period the previous year. In October to December last year there were 150 Local Market sales – 31 down on the same time in 2022 and 86 fewer than the same period five years earlier.

But, with 25% of those sales during Q4 under its belt Swoffers is optimistic for the year ahead.

‘These figures don’t come as a surprise; it’s what we were seeing on the ground last year. The market peaked in 2022, and then last year the spike in interest rates and a period of economic uncertainty was always going to make it challenging time for the property market. However, the Guernsey property market has always been incredibly resilient, and it’s important to remember property markets are cyclical,’ said local market negotiator Scott Ingrouille.

‘With a longer period of stability with interest rates, it’s been a very busy start to the year. On average, we’ve agreed five sales per week for the last few weeks, and have nearly 40 local market properties under offer, so we are encouraged by what we have seen so far.’

The average local market house price dropped in the last three months of 2023. The average purchase price was £609,362 – down 5.9% on the previous quarter and 4.5% down on the same period in 2022. However, prices remain 47.5% higher than five years previously.

The raw median (realty only) of Open Market transactions in Q4 of 2023 was £1,462,500.

Last year, Swoffers dominated Open Market sales, and was responsible for almost two thirds of all transactions. Open Market negotiator Alex Stuart explained with only a handful of Open Market sales going through across the island in the last quarter of 2023, the average price fell. This, he said, is why it’s important not to view quarterly figures in isolation.

‘Last year was challenging with the volume of sales well down from 2022, but that was always likely to be the case after the unprecedented post-covid years. Swoffers continued to dominate the market with 64% of open market sales,’ he said.

‘It’s been a steady start to the year, with a number of buyers coming over to the island on second and third visits. We are expecting to pick up momentum later in the year as we head towards the election.’

 

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