ARTICLE
18 August 2017

Turnover Increase Shows Health Of Guernsey Property Market

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Ogier

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Ogier provides legal advice on BVI, Cayman, Guernsey, Irish, Jersey and Luxembourg law. Our network of locations also includes Beijing, Hong Kong, London, Shanghai, Singapore and Tokyo. Legal services for the corporate and financial sectors form the core of our business, principally in the areas of banking and finance, corporate, investment funds, dispute resolution, private equity and private wealth. We also have strong practices in the areas of employee benefits and incentives, employment law, regulatory, restructuring and corporate recovery and property. Our corporate administration business, Ogier Global, works closely with Ogier's partner-led legal teams to incorporate and administer a wide variety of vehicles, offering clients integrated legal and corporate administration services. We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients.
Property price statistics released this morning show that turnover in the Local Market rose 20% in the period from April to June.
Guernsey Wealth Management

Property price statistics released this morning show that turnover in the Local Market rose 20% in the period from April to June.

The statistics show a slight drop in average value, as part of the usual fluctuations created by the relatively small sample size.

The mix-adjusted price – represented by a sample across property types - dropped 3.3% between April and June, but remains higher than it was at the end of last year.

Advocate Martyn Baudains, the partner who leads Ogier's Property Law team, said that the increased turnover reflected islanders' confidence in the property market.

He said: "In four out of seven price brackets, we saw an increase in the number of transactions in the market, with a pronounced increase in properties worth between £200,000-299,000 and £500,000-599,000 in particular.

"We are used to seeing price fluctuations because of the relatively small sample sizes that the statistics are drawn from, but if you look at the trend, property values are higher than they were at the turn of the year.

"Also of interest from the perspective of homeowners, and particularly that of first-time buyers, is that median bond as a percentage of purchase price was 82%, the highest in two years, demonstrating that banks and mortgage providers are willing to lend in the current market conditions."

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