The 'toughest housing market I have known'
GUERNSEY'S housing market is at its toughest right now with houses just not selling on the same scale as they did more than five years ago, estate agents have reported.
Some firms said they would not be surprised if smaller agents followed in the footsteps of Inspired Estate Agents, which yesterday announced it was planning to shut at the end of July, with the loss of six jobs.
Another agent, Property Link, said earlier this year that it would close.
Kelvin Seeds, of Goldridge Estate Agents, said between its three directors, who have almost 70 years' combined experience in the property sector, it was the 'toughest' market they had known.
'Housing are selling, but just not on the same scale as five or six years ago.
'At the moment I think sellers and estate agents have to be very considered on the asking price and I think prices need to be tweaked.
'Banks are lending, but it is very selective and careful,' he said. 'I think there is definitely room in Guernsey for another lender.
'My theory is also based on shared equity. While it is good, it's taking a big chunk of first-time buyers out of the normal housing market.'
