Making Up For Lost Time
Its been very challenging for all of us in the past few months and we now can see some light at the end of the tunnel!
The Jersey property market came to a near stand still back at the end of March, but not completely. There was a good number of sales transactions that did pass through the Jersey Royal Court during the end of March to early May, before we were all allowed to start working fully again. There were also many sales that went on hold due to the mortgages being linked to the UK companies, who were on furlough, so the process could not be complete. They are now all being completed and the lawyers and surveyors have been working hard to clear up the backlog and are also now continuing with many new instructions that have been accepted over the past few weeks. This has come as a pleasant surprise to us all, as it was uncertain on how the Island would react.
From our own experience over the last few weeks the demand for properties has been the same as prior to the lockdown and the biggest problem still is needing more stock to meet the demand for buyers and tenants. We have met many first time buyers looking to get onto the ladder from a one bedroom apartment at £230k up to £650k for a 3 bedroom house. We have also met plenty of home owners that now need to move to bigger homes to accommodate the future of being able to work from home with budgets ranging from £750k to £1.4 million.
The rental market as ever, is in demand and we are receiving daily requests for new properties from one bedroom apartments starting at £900 pm to larger family homes with a monthly rental up to £4,500 pm.
It appears the lockdown has accelerated many of us to think about our futures very differently and are making changes now, which includes moving home.
If you are a Vendor or Landlord and are considering to list your property, talk to our experienced sales and lettings team and we will be happy to help you.
Visit www.gaudin.je or give us a call on 01534 730341