We’ve seen a high level of offers through our Local Market sales office in February with many being accepted, including two substantial £1m+ properties. Generally the market remains very active for sensibly priced properties.
The Local Market has started off in pretty sprightly fashion – leading on fairly seamlessly from Q4 2016. Given a fair wind externally we expect the market to continue with good levels of activity while vendors remain realistic.
So – 2016 has drawn to a close– and what a year it was ! The Guernsey property market was relatively quiet ( in a good way ) when compared to Brexit, Trump and Eurozone machinations. Numbers of property transactions through the Greffe are substantially up and we expect that to continue into this year.
November has seen a slight slowing in Local Market activity, but plenty of deals agreed two or three months ago are finally going through Court. The States of Guernsey released the Q3 Property Bulletin this month and while the contents aren’t a surprise to any of us at the ‘sharp end’, the figures may come as a surprise to others.
The October property market has largely carried through at the same tempo as September. The Local Market is to some extent experiencing ‘parallel worlds’ in that there is a fast paced, fluid market where vendors are realistic and purchasers ready to go. Lenders generally seem a bit happier these days and that return of confidence is feeding through to the market more generally.
September has proved to be a busy month and in line with our expectations for the time of year. Activity levels on the Local Market remain high and if anything we are starting to see a slight reduction in the available stock. This has been caused by the steady number of sales agreed over the last six weeks as vendors have continued to be realistic with regard to values.
This month has seen a higher level of activity than normal and this may be the result of ‘catch-up’ after a slower lead in to the Brexit vote. Since the vote we’ve seen a steady increase in viewings as people decide to get on with their lives and this has given us a busier than usual month.
The past month has been chaotic in terms of the political turmoil in the UK and this appears to have affected purchasers’ confidence in the UK and also to some extent, within the island. That is not to say that properties are not selling, there are still homes going under offer. However, there is a level of caution and a ‘wait and see’ attitude - particularly as the base rate was maintained at the recent level of 0.5% this month, but with an indication that there may be a reduction ahead.
June has continued the uptick activity wise in the Local Market compared to 2015, but has seen a slight easing of viewings and sales agreed compared to the first months of this year. It could well be that the issues leading up to the historic UK Brexit decision cooled the market a little. Now that the decision to leave has been made, we will wait and see whether there is an effect for us or not.
Martel Maides are pleased to announce that the Local Market is back in business…! I think that we can safely say that the increased Local Market activity levels and sales are here to stay. Whilst we were concerned that the much busier months since January were just a blip it seems that better times are here at last. Purchasers have got a good choice of property to look at and many vendors are being realistic and not over doing expectations with regard to asking prices.
April has seen a continuation of the higher levels of activity on the Local Market. All in the property market seem to agree that whilst the activity is not back to ‘pre 2008’ levels, there is good movement and capacity in the market with plenty of buyers active and plenty of property available.
March continues the increased activity levels of January & February in the Local Market. We thought that January might have been a pleasant ‘blip’, likewise February, but with March stepping up to the plate too, this has all the signs of being a real trend.
This month has seen a continuation of the increased activity that we had experienced in January. More realistic expectations and some serious thinking from vendors has seen purchasers sensing better value for money and dipping back into the Local Market.
Bang! We’re off into 2016 at a breakneck pace which is a nice change from the generally slow market last year. Whilst some of this business is a catch up from December when the property market slows the underlying trend is a real pick-up in activity and deals being agreed.
Firstly, a big ‘thank you’ to those readers who’ve given feedback and comment on our monthly market updates over the last year. It’s rewarding to know that our efforts to provide an up to date and fair appraisal of market conditions are acknowledged by those who want to be in the know.
July has continued the ‘slow but steady’ progress of previous months, with the usual tail off in the last week as the summer holidays kick in and enjoying the weather, rather than buying property, is on the mind of most people.
We’ve seen a definite up-tick in offers in the Local Market this month. The fact that the States of Guernsey house price inflation figures turned negative in May might have had something to do with the sudden movement.
May has been a busy and successful month for our sales departments with a steady stream of sales and new instructions . Sales in Q1 at our office have been higher than 2014 – so we must be doing something right as the gov.gg housing statistics show a drop in the level of Local Market transactions to a record low, as well as a slight drop in values.
April has seen a definite uptick in viewings and general activity. Possibly caused by the better weather but probably more likely due to the raft of price reductions over the last couple of months which have sparked offers and in many cases led to agreed sales.
On the 27th March Martel Maides attended a seminar presented by Shelaine Green and Tony Yates from the Guernsey Disability Alliance which discussed the current developments affecting disability access in Guernsey.
The marketing of the former Slaughter House has been taken to the next stage following the invitation for all interested parties to submit firm bids to estate agents Martel Maides by the end of January.
One of the interesting features of the island’s unique two tier housing system lies in watching the respective fortunes of the Local and Open Markets and how the dynamics of both can be affected by their interaction