The first two months of the new year may have felt like storm after storm followed by travel chaos and health fears.
But things have been a lot brighter in the Swoffers office as 2020 continues to see thriving local and open market sales.
Combined figures for January and February sales published by Unusualities of Guernsey confirm 137 Local Market sales – a 50% increase on the 91 sales in 2018 and nine more than the same period last year.
Open market sales so far this year stand at 15, 11 of which have been negotiated by Swoffers, representing nearly three quarters of all sales.
‘We always expect the start of a new year to be busy as people make the decision to put their houses on the market and start the search for their new home,’ said Lucie Fox-Pegg, local market sales negotiator.
‘What has been surprising though is just how fast properties are moving. In some cases, properties are going under offer even before they hit the website.’
Prices remain competitive and mortgage providers and brokers are also reporting a busy start to the year.
‘Banks continue to be extremely keen to lend and competition is proving to be beneficial to borrowers,’ said Pierre Blampied, managing director of SPF Private Clients.
‘The market is now fully covered with a 95% loan to value mortgage readily available together with competitive salary multiples being utilised. Historically, Guernsey has not had the benefit of having a competitive buy to let mortgage, but this has changed and his has led to new investors looking to enter this sector. We also have Marsden Building Society looking at mortgages for older borrowers which is relatively new to the island.’
One of the consequences of such a busy property market is that demand can outstrip supply.
‘Even though we are busy taking on new instructions we are still finding that we have buyers ready and waiting but there is nothing in their price range or that meets their requirements,’ said Lucie.
‘We have 60 properties under offer at the moment so our advice to buyers is – make sure you register with Swoffers. Our advice to sellers or people thinking of putting their property on the market, is – now is a great time to sell. Give us a call and we will give you a free valuation and can get your property on the market within 24 hours of being instructed.’
If you list your house with Swoffers between now and the end of March, you will be entered into our prize draw to win a holiday worth £3,000 through World Travel. Find out more at https://www.swoffers.co.uk/win-a-3000-holiday/