April to June saw more houses sold than in any other quarter since records began 22 years ago.
There were 297 local market transactions during the second quarter of 2021 – 130 more than the previous quarter and 156 more than the same quarter of 2020.
‘The market remains strong, and the challenge continues to be available stock. We’ve seen a particularly high number of high-end, £1m-plus sales on the local market in Q2, which reflects confidence in the market and the economy,’ said Swoffers local market director, Andre Austin.
The mix adjusted average purchase price for local market properties fell slightly during the second quarter of this year. The average purchase price for April to June was £505,579, 0.8% lower than the previous quarter and 9.9% higher than the same period in 2020. It has to be noted, however, that the island was in lockdown during most of Q2 in 2020, which affected the ability to sell houses.
The largest number of transactions was in the £600k to £1m bracket. Three-bedroom houses were the biggest sellers, while three-bedroom bungalows have gone up in price the most in last five years.
There were 35 open market transactions in the second quarter of 2021 – 19 more than the same time in 2020. Open market director Craig Whitman said that there has been a notable increase in interest in moving to the island since the borders opened.
‘We are seeing a real mix of people who will contribute to the economy showing interest in moving here. Many have cited the way the island handled covid as an attraction, as well as the favourable tax regime,’ he said.
The raw median price (realty only) of open market transactions in the second quarter of 2021 was £1,228,500, down 12% on the same time last year. But average residential property prices on the open market tend to fluctuate more than local market prices due to the very wide-ranging sale types and prices, and the small number of transactions.
In the five years ending in June 2021, the open market four quarter average price increased by 17.8%.
The average price of a local market rental property was £1,593 in the second quarter of 2021, 6.3% higher than the previous quarter and 15.7% higher than the second quarter of 2020.
• The mix adjusted price is a measure of the value of the sales, not a reflection of the values of individual properties. Many factors, including age, location and quality, determine the actual value of individual properties.