Swoffers remain incredibly busy, with 75 Local Market properties currently under offer.
As the States of Guernsey release the latest quarterly Residential Property Prices Bulletin, director Andre Austin said the estate agency had never had so many houses under offer at one time.
The latest statistics show that the average sale price of Local Market properties in Q3 of 2024 was £609,723 – 3.8% higher than the previous quarter, but 5.9% lower than the third quarter of 2023.
‘These latest figures are in line with what we are seeing in the market. It’s very busy at the moment but it is taking time to get sales over the line as major lenders have been struggling to cope with demand, so vendors and purchasers are having to be patient.’
There were 165 Local Market transactions during the third quarter of 2024: 20 more than the previous quarter, and 27 more than the third quarter of 2023.
Meanwhile the Open Market continues to be very active following the UK election in July and we expect that to continue in the New Year as UK residents and UK resident non-domiciled individuals (non-doms) come to terms with the recent budget. Swoffers continues to lead the market with over 70% off all Open Market agency sales to date this year.
On the rentals market, the average monthly price for Local Market properties was £2,054 per calendar month in the third quarter of 2024 – 4.2% higher than the previous quarter, 7.6% higher than the third quarter of 2023, and 47.5% higher than five years previously.
‘There is still a desperate shortage of stock in the rentals sector, and the latest Guernsey budget did nothing to encourage new landlords to the market which was a missed opportunity’.
