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  1. ITV Report

Guernsey Open Market hits 11 year high

Credit: ITV Channel TV

2018 saw sales activity in the Guernsey Open Market at its highest level since the financial crisis 11 years ago when 96 properties were sold, according to recent figures.

The independent compiler of property statistics, Unusualities of Guernsey, reported that 75 Open Market transactions took place last year, compared to 48 in 2017.

Of the 75 transactions, 67 were houses at an average price of £1.3M (up from the 2017 average of £850K) and eight flats sold on average for £1.2M.

The Local Market also saw a rise with 844 recorded transactions, the highest since 2011.

Head of Carey Olsen's property group in Guernsey, Jason Morgan, says the figures are "encouraging" and "demonstrate that Guernsey remains an attractive destination for new residents".

It is also worth noting that in December 2018 alone some 17 Open Market houses and flats were sold in Guernsey, which is higher than any monthly total recorded during the buoyant 2006 and 2007 period.

This may have been the consequence, in small part, of the anticipated increase in document duty, effected on 1 January 2019, but more to do, we believe, with the widely predicted negative impact of an unsatisfactory Brexit outcome and in particular the political upheaval in the UK that is likely to follow it.

– Jason Morgan, head of Carey Olsen's property group in Guernsey