There is a sense that, much like our winter weather, a dark cloud has been hanging over the property market but according to Guernsey’s largest Estate Agent it looks as if that is finally lifting and there is a sign of clearer skies ahead.
As Spencer Noyon from Swoffers Estate Agents explains, “Of course we keep a close eye on the market and we are confident that there is a property spring in the air. The first half of last year saw the lowest level of sales since 2013 with only 242 transactions taking place, however the last half of 2015 was a very different story with 297 sales representing a increase of nearly 25%. This is excellent news for vendors as it indicates that more of the realistically priced properties are starting to move.
The news for buyers too is also better than they might currently think. For whilst the average house price is quoted at £423,634, the average price for properties in the lower quartile has dropped from £329,294 at the end of 2014 to £295,688 at the end of 2015. Apartments too have become more affordable, down from a median average of £313,500 to £247,000. At Swoffers alone we currently have approximately 50 properties at under £300k and just over 110 at under £400k so it genuinely is a great time to buy.”
He concludes, “This is the first sign that we have turned the corner and any moves to further kick start sales and assist buyers in getting on to the market will help ensure that this recovery is sustained and continues to grow.
Let’s not forget a whole host of industries from construction through to retail will benefit from a more buoyant property market and it will be great to see the positive effects across the island’s economy.”