Property market shows no signs of cooling off

The average price of local houses has remained at almost half a million pounds all year, and at the end of July stood at just more than £493,000.

Nearly half a billion pounds has been spent on local property so far this year, a leap of some £180m. on the same time last year.

Swoffers’ local market director Andre Austin said the sales reflected demand.

‘As I’ve said before, we’re seeing this at all levels of the market. It’s an extraordinary thing.

‘There is still a real appetite and it’s at all levels of the market. If every level is selling then that feeds into the top level.

‘There are still plenty of buyers out there. At some point it’s going to cool off, but there’s just no sign at the moment.’

Last year there were about 33 £1m.-plus local market sales and he expected this year to outstrip that total.

The overall volume of sales is already up on this time last year – to the end of July there were 976 property conveyances, compared to 744 over the same period in 2020.

Cooper Brouard director Matt Brouard said that given the average price it was no surprise to see more substantial properties selling for £1m.

‘The majority have sold quickly which reflects the speed of the market across the board. Buyers are having to make swift decisions and make strong offers to secure a purchase.

‘The bounce back from the doldrums pre-2019 has been dramatic and has accelerated through 2020 and 2021.’

While demand was still outstripping supply, he said that it was inevitable that prices would steady at some point.

The open market saw eight proper sales, plus three that were nominal, with the highest amount being paid for a property in Fort George, which sold for £2.3m.

The highest price paid for any property during the month was £8.8m., which was for a yet-to-be-completed office block at Admiral Park.

A Jersey company has bought the former Ebenezer Church in Brock Road, St Peter Port, for just over £1m.