Sales activity in the Guernsey Local Market during the first quarter of this year was at its lowest quarterly level since the second quarter of last year – periods both impacted by coronavirus (COVID-19) lockdown restrictions.
According to the latest conveyancing statistics compiled by Unusualities of Guernsey, an independent compiler of local conveyancing statistics, there were a total of 174 Local Market transactions during Q1 of this year, comprising 140 houses and 34 flats. Within those figures, just 27 transactions took place in February as a result of Guernsey entering into its second lockdown. The quarterly total, while 26 more than Q2 last year when Guernsey had its first lockdown, was the lowest first quarter total for three years.
Of those 174 Local Market transactions in Q1, the median price (realty only) for the 140 houses sold so far this year, currently stands at £550,875, up from £496,275 for the same period last year. The median price (realty only) of the 34 Local Market flats sold in the first three months of 2021 currently stands at £287,625, up from the £254,970 recorded for last year.*
For the Guernsey Open Market, the 20 transactions recorded by Unusualities of Guernsey in the first three months of 2021 was three more than during the same period last year. Of those 20 sales, the median price (realty only) of the 18 Open Market houses sold this year is £1,396,500, which is down from the £1,706,250 for the same period last year. The two Open Market flats sold had a median price (realty only) of £2,107,892.*
Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "The fall in sales activity in the first quarter of this year was to be expected as a result of the island's second lockdown. But as was the case last year, there are again signs of another rapid post-lockdown recovery with the figures for March suggesting that there remains plenty of demand across both the Local and Open Markets."
*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.