Strong upswing for property market

Strong upswing for property market

9th November 2018

Skipton International has welcomed the strong results from the latest House Price Index report, which saw the second highest number of quarterly property transactions Guernsey has experienced this decade. A total of 251 transactions took place in the third quarter of the year, 68 more than the previous quarter, demonstrating a continued upswing for the local market.

While the average price of property sold rose by 2.2% to £419,763 compared to last quarter, this was still slightly lower than at the same time last year, suggesting that buyers may be continuing to seek value within the market. The time from property advertisement to sale continues to fall, indicating that the prior high levels of property on the market is now starting to tighten.

The last quarter saw peaks in the sale of homes priced between £300-£399k, with the largest increase in sales being those between £600-£699k.  

Jim Coupe, Managing Director of Skipton International, commented: “These figures support our experience of the market over the last few quarters and we are very pleased to see such a strong performance for the quarter. It has been a busy time for Skipton International which is evidenced by our expansion in Tudor House as we continue to recruit to our growing team to better service our customers.

“There appears to be a more balanced mix of mortgage lending by banks this year, which shows increased competition in the market. We welcome this news as ultimately it is positive for buyers and the property market in general.”

Property purchase bonds were also up 5% in comparison to the same period in 2017, which was the best performing year for bonds since 2012.

“Despite the last quarter of the year generally being a slower time for property sales, we anticipate that the market will continue to enjoy steady growth, with results to reflect a very healthy end to the year.” 

Skipton International is one of Guernsey’s largest providers of residential mortgages, having reached £400 million of mortgage lending last year. The Guernsey-regulated bank also offers some of the best offshore bank accounts for Channel Island residents and UK expats in over 100 countries.

For more information on how much you may be able to borrow, visit Skipton’s mortgage calculator on www.skipton.international.com/mortgages/guernsey