The market has been extremely busy right from the start of 2021. Demand for all types of property has outstripped supplies in all price ranges. There are a number of factors driving this huge demand. Firstly, people who would have moved last year but decided to put things on hold due to Covid 19 and the lockdowns, and the uncertainty this has caused. Secondly, where people have spent a lot of time at home, they have taken a closer look at what they want from their property and what it offers them in terms of space and location. This has prompted many people to make a change.
Key Findings April - June 2021
The graphs below provide the sales data from April 2021 - June 2021
- The number of properties sold fell 15.3% year on year.
- Achieved prices increased by 18.9% year-on-year and are now 34.1% higher than they were five years ago.
- Detached houses have accounted for 3% of sales in the last 12 months.
- 92.1% of properties sold in the last 12 months, sold for less than £500,000.
- New build properties have accounted for 1.2% of sales over the last 12 months, compared with 6.1% five years ago.
We see the second half of the year remaining stable over the rest of 2021 with a healthy but steady market on the Island.
Two huge advantages for Island sellers have emerged as a result of the pandemic. To start with, the island has been well and truly 'put on the map' as a great place to live, work from home, and have a second home by the sea. Secondly, with the 'staycation boom' about to happen this summer, many holidaymakers will get their first real taste of the Island and all it has to offer. This will undoubtedly continue to feed the local market and help keep prices buoyant.