No sign of the post-lockdown property recovery faltering

A post-lockdown bounceback, helped by the island’s response to the pandemic which resulted in it becoming the first of the British Isles to be declared coronavirus-free, has seen the number of house sales rise strongly.

Ashton Barnes Tee conveyancer Debbie Bourgaize specialises in the legal aspects of buying and selling real property.

She said it had been a lot busier than normal.

‘At ABT, we have been extremely busy over the last few months,’ she said. ‘I believe that there are various reasons for this trend – a couple of lending banks have extremely good deals on at the moment meaning that Guernsey must be seen as a good investment opportunity for them.’

Another reason given was the breakdown of relationships which resulted in a house sale and in some cases to two house purchases.

But there were also other reasons.

‘With such good weather during lockdown, we have seen an increase in flat sales and purchases,’ Ms Bourgaize added.

‘Clients selling a flat have advised that in the event of a future lockdown they wanted to ensure they had their own outside space. This has had a knock-on effect kick-starting the first-time buyers’ market as pre-lockdown flat sales had fallen.

‘UK residents have also seen that Guernsey appears to be a safe haven during this time of a pandemic which has also led to the higher end of the market moving along with UK residents buying open market and additionally, previous Guernsey local market residents returning to the island.

‘All in all it is a very busy time which we must all embrace, as at the beginning of lockdown the future of the property market in Guernsey appeared somewhat bleak.’

Collas Crill property advocate and partner Paul Nettleship agreed and said that the island’s handle on the virus had definitely increased interest.

‘Asking prices for properties are being met and, in some cases, exceeded,’ he said.

‘We have been very encouraged to see many more enquiries and activity on the open market, as a result, no doubt, of the way that we, as an island, have coped with the coronavirus pandemic.’

He said that markets were driven by perception, and confidence in a market, such as Guernsey’s, is what made it thrive.

‘I was surprised to see a post-lockdown boom and had expected confidence to be low and caution to be high,’ he said.

‘However, clearly, being forced to stay indoors for a prolonged period gave people an opportunity to reflect and re-evaluate what was important to them, and few things are as important as one’s home and family.

‘Of course, once word spread that asking prices were being met, it encouraged people, who may have been waiting to sell, to market their properties, thus fuelling supply, and so the upward trend continued.’

He added that despite the season now impacting on its growth, its rise from a potentially devastating lockdown could only be seen as good.

‘It has calmed down slightly as we enter the winter months but we put that down to the return to school,’ he said.

‘Nevertheless, the strong housing market has been a really positive sign and far better than we otherwise would have expected given the events of 2020.’

In September, there were 83 local houses sold and 31 flats, which was the highest number this year, and five open market sales.