2022 was undoubtedly a tumultuous year in the UK – four months saw four Chancellors of the Exchequer, three Prime Ministers (including one with the shortest tenure in British history) and two monarchs. In addition, we witnessed soaring inflation across the globe and saw a major war break out in Europe. Open Market director, Sophie Ephgrave takes a look back, and forwards.
Despite so much uncertainty, 2022 proved another successful year for Swoffers, and I am delighted to confirm that we were responsible for 57% of the total Open Market property agency transactions on the island. We outperformed our competitors by some margin with our nearest one responsible for 14% of the completed sales.
This affirms our position as market leader in Guernsey and is a fantastic testament to the hard work and dedication of our team.
Last year was our second busiest ever. It was only slightly behind our record year of 2021, when the world was still coming out of various stages of lockdown and we were all taking stock of what our ‘new normal’ might look like. Open Market sales volumes in 2022 showed an increase of 28% compared with a pre-covid 2019.
Most of the Open Market transactions were people relocating to Guernsey. The island continues to retain its reputation as a safe haven in a world of uncertainty, and property is still viewed as a solid investment. The four-year tax cap for new residents is an attractive incentive, as well as the ease with which a business can be set up on the island and the supportive environment in which enterprises of all sizes can thrive. A favourable company tax regime, together with a 20% personal tax rate, both help drive the inbound relocation market. Plus, aside from tax, the island’s low crime rate and strong sense of community present a safe location to set up home.
Last year Guernsey welcomed people relocating from all over the world. The majority of buyers were still from the UK, however we also welcomed individuals from Singapore, South Africa, Gibraltar, Hong Kong, Switzerland, Ireland and France.
As for 2023, the year has started extremely well. There were 11 open market property completions in January across the island, of which, I am pleased to say, Swoffers was responsible for seven. We already have more transactions agreed for later in the year and quite a number of ongoing enquiries. If anything, our challenge will be securing properties to meet demand as the island’s popularity as a place to live doesn’t wain.
We have further strengthened our Open Market team with Simon Jones joining us at the end of 2022. Simon is an ACCA qualified accountant and comes with a breadth of experience across several industries, most recently having spent 12 years as Head of Business Transfers and Head of UK Retail Operations for a leading high street retailer. We are delighted to have him on the team and look forward to the valuable contribution he will make.
We are optimistic that 2023 will continue in the positive way it has started. As directors, we would like to thank all members of our team for their hard work and the key role they have in ensuring Swoffers’ continued success. We would also like to thank our loyal customers and we look forward to another exciting year ahead.
