09/14/2021 | Press release | Distributed by Public on 09/14/2021 10:41
Is now a good time to put my house on the market?
In short, yes. With demand outweighing supply in the housing market there is upward pressure on prices and we are still seeing multiple bids on a number of properties, with some agreeing sales in excess of the guide price. At the end of June we had agreed 42% more deals, year to date, than we had done for the same period in 2020 and had registered 74% more exchanges, using the same metrics. We are certainly seeing first hand that the demand in the Guernsey property market remains strong.
What's a key consideration for anyone looking to sell in the current market?
While demand remains strong, it is important to reiterate that realistic pricing from the offset is important to secure a sale. The market remains price sensitive and this is perhaps even more important to bear in mind if, as we expect, stock constraints begin to ease over coming months with those reluctant to sell while social distancing rules have been in place bring their homes to market. Around a third of our recent sales have been to buyers who were already on the Savills database, with a 5% increase in applicant numbers, year to date, at the end of June compared to the same period last year - so it's also worth considering instructing an agent with a good track record and access to an extensive database of contacts such as Savills.
And for potential buyers?
It is no secret that the property market has seen an increase in competitive bidding, which we have seen first-hand, so my advice would be to ensure you have funding in place and be as decisive as possible. Or, at the very least, an agreed sale in a short and stable chain. Once that is the case, register with the agents most likely to handle the sort of property you would like to buy and keep in touch with them. Be proactive in your search too - register with agents that are most likely to be marketing the type of property you're after but don't feel you have to wait for them to call you.
What type of properties are most in demand within the rental market?
Well-maintained family homes with plenty of character and modern fixtures and fittings are highly sought after and in high demand currently. If you add a separate office space, superfast broadband, contemporary bathrooms and childfriendly outside space to these properties, the interest only increases. We are also beginning to see high-spec apartments attracting a lot more attention, suiting professionals working in central St Peter Port. A knock-on effect of the lack of properties for sale is that many applicants on our database are showing a strong appetite for rental properties as they play the waiting game for their perfect property to become available.