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.
It’s been another successful Random Acts of Kindness Week. The Smile for Georgie Foundation partnered with Swoffers and Island FM to provide a different act of kindness on each day.
On Monday, It was fun for free at Oaty and Joey’s Playbarn on Day 1 of Random Acts of Kindness Week, with Day 2 providing unsuspecting members of the public with roses for Valentine’s Day.
Wednesday saw staff and service users of the Princess Elizabeth Hospital cafe receive free coffee and pastries, and on Thursday it was the turn of Meals on Wheels recipients to receive a box of chocolates.
Workers in Town were in for a treat on Friday. Office workers around St Peter Port received free Beanie’s coffee and croissants to brighten their days.
There was also a competition on Island FM for a lucky winner to receive free flights with Aurigny.
The Smile for Georgie Foundation was launched in 2018 and aims to make a difference within the local community through random acts of kindness and ‘smile-raising initiatives’. We certainly saw plenty of those last week.
Swoffers has been involved with the charity from the beginning; the joint initiative has gone from strength to strength, with a greater public awareness and an increasingly impressive range of goodwill gestures that benefit the wider community.
Swoffers and The Smile for Georgie Foundation look forward to working together in future years to ensure each Random Acts of Kindness Week is more memorable than the last.
https://www.smileforgeorgie.org.gg/
A lack of housing stock continued to be an issue during the final quarter of 2022, resulting in house prices being maintained.
The Guernsey Residential Property Market Bulletin for Q4 2022 shows the mix adjusted average purchase price for the local market from September to December was £638,267 – up 1.4% on the previous quarter. Compared with the same period in 2021, prices were up 15.9%, with a 51.6% increase on the same period in 2017.
Local Market director Andre Austin said Liz Truss’ mini budget in September 2022 had an impact on sales.
‘Trussonomics did halt the market for a couple of weeks, but the market here has always been resilient, and it just took a bit of time for people to see the dust settle and get used to new interest rates. However, there were some people who did indeed see their affordability change,’ said Mr Austin, who added that the statistics included several completions from sales agreed in Q3.
‘We will get a better indication of how the market is performing in first two quarters of 2023. It was quite a slow start this year, but we are very busy at the moment on the local market and stock levels appear to be improving.’
There were 181 Local Market transactions during the fourth quarter of 2022, 53 fewer than the previous quarter, 54 fewer than the same quarter of 2021 and five fewer than the fourth quarter of 2017.
The mix adjusted average rental price for Local Market properties was £1,725 per calendar month in the fourth quarter of 2022, the same as the previous quarter, 4.5% higher than the fourth quarter of 2021, and 35.7% higher than five years previously.
‘December saw the stealth introduction of additional document duty (2%) on people buying second properties. The rental market remains heated, and prices have not dropped. We feel long-term this strategy could be counter productive; the market needs landlords and with no buy-to-let investors, this will put more pressure on stock and rental prices will remain high,’ said Mr Austin.
The raw median price (realty only) of the 28 Open Market transactions in the fourth quarter of 2022 was £1,755,000, compared with £1,584,375 in the fourth quarter of 2021.
‘It was a solid finish to a great year for Swoffers, a year in which we sold 57% of the market. We are really optimistic for this year, with political uncertainty in the UK it looks like an opportune time for new residents to come to the island.’
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The average local market house price in Guernsey has risen to an all-time high of £629,297. However, with borrowing becoming more expensive and political instability nationally and internationally, prices on the local market have already begun to stabilise.
‘The summer was still frantic and stock shortage remained an issue. But as we got to the height of the summer the feeling on the ground was that we’d seen the market peak,’ said Swoffers’ local market director Andre Austin.
‘Offers over asking price became less common, and there was a natural return to normal selling and buying patterns. Then following the ‘mini budget’ activity really slowed down, exacerbated by interest rates going up.
‘It’s not all doom and gloom, we always knew that interest rates were going to go up, it’s just cooled off. We’re hopeful we’ll see more properties come to the market as people have more breathing space to be able to view more than one property before having to make a decision.’
But in contrast, the current economic and political state has led to increased enquiries on the Open Market. Director Craig Whitman said that there were very encouraging signs with more and more people interested in moving to the island because of what’s happening in the UK and further afield.
‘It’s been quite buoyant, we think the Open Market is going to strengthen,’ said Mr Whitman.
‘We’ve got plenty of enquiries coming in. It’s mainly UK but we have had quite a lot of enquiries from British expats living in Asia, and a number have relocated.
There are many reasons why some families consider Guernsey as their choice jurisdiction. It’s not purely tax-driven, quality of life, safety and security are just a few reasons why our beautiful island is high on may potential buyers wish lists. We have recently also seen a few transactions where family members have made the move to Guernsey because there are existing family connections.
Latest figures contained in the States of Guernsey’s quarterly Residential Property Prices Bulletin show that the mix adjusted purchase price for the Local Market in July to September increased by 5.1% on the previous quarter, and was up by 13.5% on the same period of 2021.
Rents fell slightly between Q2 and Q3 (down 5%) but were 7% up on the same time last year. The average rental price in July to September was £1,726 a month.
The raw median price (reality only) of 22 Open Market transactions in the third quarter of 2022 was £1.58m. Swoffers negotiated 15 of these (68% of all sales).
Le Menage is a community living development for the over-55s, with single storey living incorporated into the design.
Each property has a private garden, parking for two vehicles, as well as landscaped community areas. The development takes its name from the French for ‘household’ and has been designed to create a neighbourly environment.
Priced at £695,000 and £710,000, we currently have four houses left at Le Menage. For more information contact us on lemenage@swoffers.co.uk
The internet is playing an ever-increasing role in our lives, and the Swoffers property management department has plugged in to the app revolution to make it easier for tenants to communicate any issues.
Technology has been a gamechanger for the entire property market, but up until now flagging up repairs sometimes meant long email chains, a tradesman with the wrong tools, a visit by the agent, lots of chasing up and wasted time. In order to improve our customer service to tenants and landlords, we’ve started using a clever piece of software called Fixflo.
Simply, Fixflo is an online maintenance repair reporting platform which will help identify issues if tenants use the app and allow our property managers to deal with said issues more efficiently.
Property manager, Chris Markham, said the investment by Swoffers was all part of efforts to put the customer experience at the heart of the maintenance strategy.
‘Reporting repairs online 24/7 should be an industry standard, and this latest software means that tenants can report repairs in their property anytime online. It can be a false economy to leave a dripping tap, or a loose roof tile, or mould spots,’ he said.
‘These small problems can end up costing hundreds of pounds if they are left, so it is better that they are communicated swiftly, and dealt with efficiently.
‘Fixflo allows tenants to report issues in any of more than 40 languages and can be translated into English.
‘Our Management Team has been well trained in how to use the software and already we are getting good feedback on it from tenants and tradesman.
‘Apps are becoming standard and this one is really user friendly and super easy to use.’
Swoffers has the largest residential management team on the island; we look after hundreds of lettings. You are in safe hands when using Swoffers to look after your investment properties and can relax in the knowledge that Swoffers continues to improve customer service for both our landlords and their tenants. We make sure that our landlords’ properties are looked after with a dedicated Swoffers property manager to give the best possible service our landlords.
Fixflo’s tenant-facing side of the app is a picture-based reporting tool that automatically identifies issues. The self-help guidance results in tenants resolving some of the minor issues meaning there is no need for property visits and call-out charges. Of those not fixable by the tenants, tradesmen can see the problem via pictures and/or videos the tenants provide and can ensure they take the right tools and the right materials to a job the first time.
At Swoffers we believe that successful businesses have a responsibility to make a positive difference in the community. That’s why we’re always happy to support our staff with their charitable and voluntary work.
Our relationship with the Guernsey Welfare Service grew during the pandemic lockdowns, when we couldn’t do viewings and our fleet of more than 20 cars would otherwise have been parked idle. The Guernsey Welfare Service needed drivers to transport essential food parcels to vulnerable people, so we became a natural fit.
The charity offers a non-judgemental service to people who find themselves in financial need. This includes pensioners, single-parent families, people with disabilities or long-term medical conditions, and families on low incomes who may have unexpected medical or household bills. Around 50 households are currently being supported by food donations. As well as the food bank, there are other services including life skills courses and money coaching.
Two and a half years on from the first lockdown, one of our team, rentals coordinator Kim Le Lacheur, has carried on volunteering with the service. She said it was a great charity to be part of.
‘To be honest, before the lockdowns I wasn’t really familiar with what Guernsey Welfare did, but we were given the option of helping and I found it a very rewarding experience. It’s a lifeline, you meet lots of people and they are so appreciative of the help. Everything is very well organised and when the lockdowns ended I wanted to stay involved.
‘There are regular people who do the deliveries, obviously it’s a confidential service and it’s nice for people to see the same faces. We have a WhatsApp group and when the regular drivers aren’t available they’ll pop a message on the group “Can anyone help us out this week?” That’s when I get some of the Swoffers team to step in.
‘Some people like you to leave the shopping at the door, some will invite you in saying “Come into the kitchen my love”. They might not have seen anyone for a few days and they just want a chat. I really like chatting with them and asking them how they are.’
In the Swoffers line of work, we sometimes come across people who are looking to get rid of furniture, carpets, and appliances. Storage and transport can be a challenge but looking to the future we’re trying to get a scheme off the ground where nearly new, good-quality items can be recycled to low-income homes.
All employees at Swoffers are given two paid volunteer days per year where they can help at a charity or community organisation of their choice. Kim said it was great to have the Swoffers team behind her.
‘Swoffers has been very supportive, we’re always encouraged to help. For instance, when Guernsey Welfare moved from Trinity to The Caves in Upper Mansell Street, I was given the morning off and I was able to move boxes back and forth. We often have mufti days here and Guernsey Welfare is one of the charities that benefits from that.’
If you would more information on the Guernsey Welfare Service and how to donate you can visit their website www.Guernseywelfare.com
Swoffers has confirmed its position as the market leader, selling five times as many Open Market properties as its nearest competitor this year to date.
Our sales represent 64% of the market, after finalising 42 out of a total of 66 sales in the Open Market from January to mid-October.
‘We’re delighted that our hard work is continuing to pay off,’ said Open Market director Sophie Ephgrave.
‘With the most powerful property website on the market, our web traffic spans more than 100 countries and our targeted international marketing reaches more than 700,000 people per month, ensuring the properties on our books attract the widest audience possible. We have a team of experienced, skilled negotiators focused on getting the best possible outcome for buyers and sellers, and these figures show that.’
Swoffers has been integral in attracting people to the island to live on the open market for more than 50 years and it’s been great to see more people relocate to the island from different parts of the world. We have recently completed on two of the most expensive homes sold on the Open Market this year (both over £4m).
‘It’s clear that people are continuing to be attracted to the island by the favourable tax position, with tax in Guernsey capped for the first four years for new residents to the island who purchase properties over £1.36m.
Guernsey has always thrived on being a safe, stable jurisdiction and the political uncertainty in the UK is making Guernsey an increasingly attractive destination. I think we’re likely to see more people starting to vote with their feet,’ added Sophie.
Our Open Market success comes hot on the heels of an independent survey which found that Swoffers is the most recommended brand in the island’s property sector. We were ranked as the top agency regarding values such as trustworthiness, quality service, and giving back to the community.
If you are interested in selling or renting your Open Market home, get in touch with our team today.
Swoffers is helping Liberte Netball Club to aim high, with the announcement of a three-year sponsorship deal. The all-female club, which was founded in 2019, has 50 players, and it is built on an ethos of team spirit, community, and liberation.
The financial support covers player registration fees, match and training court fees, and new dresses and hoodies. Swoffers director Andre Austin, said he was very impressed with the inclusive culture of Liberte.
“They have all ages and ranges, from island elite level to the grassroots, and we share their vision to inspire women and girls to get active and find joy in sport. The profile of netball in Guernsey is going from strength to strength, it’s a great exercise for de-stressing after work or school, and it also has a strong social side.
“Anyone who has walked past the Beau Sejour courts in the autumn and winter will have heard the air come alive with whistles and laughter. We are proud to be a supporter of women’s sport, it’s part of our commitment to give back to the island, and say thank you to the community for supporting us.”
Liberte has four teams that are about to compete in the 2022/23 season. Last season Liberte A came third in the hotly contested division one table, and this year they are aiming to take the win. The youth team and two junior sides are also setting their sights high.
Natalie Carre, the chairman of Liberte Netball Club, said the financial commitment from Swoffers had put them in a strong position.
“This sponsorship deal takes the pressure off, it means we can properly focus on what we do best, which is playing, training, and coaching. We live and breathe netball, and it might sound like a cliché, but we are all friends. The profile of netball is getting bigger and bigger, the club is fully subscribed at the moment, but people can put their name on our waiting list to register.”
Liberte Netball Club started up three years ago. It’s a non-profit organisation that is entirely run by volunteers. It’s also a registered charity. The players who coach have all been DBS checked. On Monday nights the juniors are coached at the new netball courts at Elizabeth College. The work on their speed, technique, fitness, and match play.
The logo of the club is the wolf. This animal was chosen because of what it symbolizes – respect, loyalty, spirit, and trust. Also there’s the fact that wolves are pack animals that stick together.
