Swoffers negotiated more than half of all Open Market agency sales this year.
During one of the busiest years on record, there have been 110 open market agency sales to date; Swoffers sold 56 of those properties.
‘It has been the busiest open market year in more than a decade and is still active now. We anticipate this to continue after the usual Christmas lull as more people look to relocate to the island before the end of the UK tax year in early April,’ said open market director, Sophie Ephgrave.
‘We are a team of five negotiators, and three of us have more than 15 years’ experience each in the Open Market. We consistently sell more than half of Open Market properties year-on-year. It has been an extraordinary year and we have become accustomed to collaborating as a team so that we can cover the market well in busy times. Achieving the best for our clients is key to everything we do.’
Open Market house prices have strengthened, with movement at the top end of the market in particular helping to underpin the confidence in investing in Guernsey property. These are exciting times for Open Market, where the trend has an upward projection.
As the UK and Europe grapple with the unprecedented debt due to Covid-19, their economies, although showing some recovery, remain fragile and uncertain.
It would be fair to say that Guernsey also has some challenges to overcome, but as a well-run island, with low unemployment and a relatively small debt due to the pandemic, we are not under the same pressures as other jurisdictions.
For those individuals and families who have the flexibility to work remotely, Guernsey offers an attractive tax incentive with a flat rate of 20% Income Tax, no IHT, no CGT and tax caps for high income earners. As an example, purchase a property in the first 12 months of arriving in Guernsey for £1,360,000 or over and your tax for that year and the following three years will be capped at £50,000 on your worldwide income.
With the recent changes to Entrepreneurs’ Relief causing the lifetime limit to reduce from £10m to £1m, Guernsey’s low tax regime and impressive business support infrastructure means the island should be a serious consideration for those developing businesses in the UK.
The Guernsey property forecast for 2022 is positive. We feel the rather frantic conditions within our Local Market will stabilise, whilst our Open Market shows all the signs of rejuvenation, with continued high activity levels.