House sales fall in Q1 but Swoffers as busy as ever

Local Market, News

While house sales during the first three months of this year fell, Swoffers’ local and open market teams have been extremely busy.

Statistics from the States of Guernsey show that from January to March there were a total of 93 local market house sales, compared with 150 the previous quarter and 113 during the first three months of 2023. But Swoffers local market director, Andre Austin, said the fall in the number of sales did not tally with what the team at Swoffers is seeing.

‘As we speak, we have 47 local market properties under offer and 46 have just signed – we are very busy. After a challenging year last year, it feels infinitely better,’ he said.

‘Although there is more stock generally on the market, there is actually still a shortage in key areas particularly family homes.’

The average local market house price in Guernsey now stands at just under £600,000, which is slightly lower than the previous quarter and the same time last year. But the average price remains more than 45% higher than the same period in 2019.

‘The small drop in the average house price is not unexpected, but we need to be mindful that this is more of a normal market where people are making offers and sensible vendors are prepared to have a conversation,’ said Andre.

‘If we roll this back 18 months ago there were far more proceedable buyers around and with more competition for properties, homes were often getting asking price or close to.’

There were 18 Open Market transactions in the first quarter of 2024, with a raw median price (realty only) of £1,462,500, compared with £1,779,375 in the first quarter of 2023. Of the 18 sales, Swoffers was responsible for 13. Compared with the first quarter of last year, sales volume is up by 28% during the first three months of this year.

The average rental price for Local Market properties was £1,911 per calendar month in the first quarter of 2024; 0.5% lower than the previous quarter but 7.5% higher than the first quarter of 2023 and 43.9% higher than five years previously.

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