Open Market 2011 Review

Swoffers have secured incredible results in a demanding 2011 which will certainly go down as a difficult year in estate agency with the global economic downturn leaving people concerned about their futures and their assets.

Managing Director, Matthew Henry says ‘I am proud to announce that Swoffers have ridden the storm better than most with our company securing the sale of almost 70% of all Open Market properties sold in 2011.I am confident that our solid reputation based on years of experience has helped us to triumph where others have not.’

Less Open Market properties than usual were sold in 2011 but with events worldwide having a knock-on effect to almost every corner of our planet perhaps we should have expected that our small Island would not come out unscathed.

The year saw a steady trickle of new people coming to the Island to take up residence with the remaining sales being to those already based here taking the opportunity to move house. ‘It is fantastic for the long-term picture to see Open Market vendors who are already established here looking to trade up – this is the clearest indication that there is deep-rooted confidence in the market and living in Guernsey,’ he added. ‘Ultimately it comes down to a quality of life and, as well as the more obvious financial benefits, living in Guernsey brings with it a unique lifestyle. ‘Many high-net worth individuals or personalities crave the anonymity that Guernsey offers and it is important to them to be able to move to a new home without intrusion of their privacy together with the benefit of a gentle tax regime.’

2011 has also seen a higher uptake in the purchase of properties for investment, a trend which has included not only Open Market properties but sales on the local and commercial markets with people deciding to diversify their portfolios in the hope of finding better stability in bricks and mortar than in returns from other investments.

Just under £75m worth of Open Market houses exchanged hands last year with prices ranging from £6.1 million to £450,000. Coincidentally both of these were apartments, needless to say, at opposite ends of the spectrum! Just over a third were homes below £1m whilst a similar number were sales between £1m and £2m leaving just under one third to be sold above the £2m mark with some reaching as much as £3m to £6m. Mr Henry continues ‘I am sure that 2012 will bring new challenges but I’m confident that with the continued hard work from the excellent staff we have put together over the years Swoffers will be more than capable of providing our clients with the same high standards they have come to expect from us in the past.’