Housing market remains buoyant despite Coronavirus interruption

Housing market remains buoyant despite Coronavirus interruption

10th August 2020

Skipton has welcomed the release of the latest house price figures which show the market has been left relatively unscathed following the recent pandemic. The report for Quarter 2 of the year has shown a continued rise in the value of property on the island, with demand to buy still high.

The average home will now cost islanders £459,837, rising 3.5% from the first quarter of the year. At a 7.5% increase from last year, this is the highest change the market has experienced since 2011.

Market transactions were understandably down for the period at a total of 141 compared to 108 for the first quarter of the year, as property conveyances were affected by Coronavirus lockdown measures. However, June alone saw 78 transactions as the backlog of purchases started to complete, coupled with the market returning to normality.

Nigel Pascoe, Director of Business Development at Skipton International, said: “These statistics are interesting, especially given the difficult circumstances which buyers will have had to deal with as we entered lockdown at the beginning of this quarter. At Skipton we have recently seen an increase in both appointments and applications, the property market appears to have responded well to the pandemic”.

The difference between advertised and sale prices has continued to drop over the last two years. This would suggest that property is now being marketed at realistic prices or that properties are spending less time on the market before sale.

Skipton International has recently surpassed the £1.5billion mark for its mortgage book, with increased lending carried out within Jersey, Guernsey and the buy-to-let market in the UK. As one of Guernsey’s largest mortgage providers, Skipton offers a range of lending solutions all with unparalleled and award winning customer service.