House prices in 2020 rose by largest amount since records began

2020 saw the highest annual rise in house prices since records began.

Figures released today show that in the fourth quarter of 2020 the average purchase price for Local Market properties was £493,174.

This average was 5.9% higher than the previous quarter and 11.8% higher than the fourth quarter of 2019. This annual change in mix adjusted prices of 11.8% was the highest since this measure was first calculated, in 2008. The Swoffers Local Market Team were responsible for one in four Local sales in 2020.

‘The start of this year has been incredibly busy once again, with no sign of things slowing down. Our main challenge is a shortage of stock, but what’s become clear during lockdown is that there are lots of people looking to move,’ said local market negotiator, Scott Ingrouille.

‘We have had an extensive number of enquiries from people wishing to view properties when we are allowed.’

There were 345 Local Market transactions during the fourth quarter of 2020, 68 more than the previous quarter and 154 more than the same quarter of 2019.

In total there were 937 sales during 2020 – the highest since around 2007.

There were 15 sales over £1m in Q4, which undoubtedly pushed the average purchase price up (the previous three quarters in 2020 had seen 4,4 and 6 sales respectively).  There were also 76 sales between £600,000 and £999,999 – again previous quarters were 38, 29 and 46 sales respectively.

The raw median price (realty only) of the 39 Open Market transactions in the fourth quarter of 2020 was £858,000.  Previous quarters this year had seen the price averaging between £1.22m and £1.52m.

There were 92 Open Market transactions in total for 2020, the highest annual total since 2006. It was another excellent year for the Swoffers Open Market Team who sold 53% of all Open Market Properties.

‘Virtual viewings using our latest Giraffe360 technology have become incredibly popular for open market properties, given the current travel restrictions,’ said open market director Sophie Ephgrave.

‘We have secured a number of sales in the last couple of weeks via virtual viewings and we are still receiving lots of new enquiries on a daily basis.’

 

In line with the latest www.gov.gg Public Health advice our office remains closed until further notice.

We are all now working from home (Monday to Friday 09.00 to 17.30 and Saturday 09.00 to 12.30) and will continue to provide as many of our services as possible and will continue to support all our clients to the best of our ability.

Don’t hesitate to give us a call on 711766 for Local and Open Market sales enquiries, and 721757 for our rentals and property management teams. Or, email sales@swoffers.co.uk and leave your name, number and any message.

We will be monitoring all messages and will return your call or email as quickly as we can.

 


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