/ Author: SPF

Conversation was opened by John congratulating Matt for Cooper Brouard’s nomination in The Guernsey Construction Industry Awards. Matt said that they are grateful for the chance to be involved with the awards, and are looking forward to the night, regardless of the outcome.

With Guernsey’s newest lender, Marsden, having their feet firmly under the table in the market place, Pierre tells us that they are doing very well, indeed, with the first application being completed through court, and further applications being processed.

Meeting’s have been scheduled, with Marsden, with the hope of bringing more new innovative products to the island. With a new product launch in the UK proving to be very well received, Pierre hopes that he is able to bring this to Guernsey.

John asked if there was a cap to what Marsden could lend in Guernsey and Pierre explained that they do work to lending targets and are on track to meet them, but because they are regulated by the FCA (Financial Conduct Authority) they can approach them to lend more if required.

The conversation then turned to the proposed removal of document duty, on the bond fee. Pierre suggests that Marsden would potentially be a beneficiary of this initiative, as it reduces cost for remortgages. If approved by the States this would commence on the 1 January 2019, and would create competition, within the market.

Brexit is next on the agenda, with John questioning if this will affect both Matt and Pierre. Matt tells us that the Open Market is busier than ever, with many enquiries from people looking to come over to the island, which is undoubtedly, great news for the Guernsey economy. Guernsey sales have improved on last year, at least, with the ‘Beaucamp De Haut’ property, as an example, selling for a meaty seven million.

The Havelet Waters development also sees it’s first inhabitants moving in within the next month, following some delays. Show flats are now setup, with promotional videos and photo shoots, being scheduled to take place.

Local properties that are currently on the market are discussed, and John, Matt and Pierre reminisce about the families that used to live in some of the houses, highlighting the local knowledge of Guernsey properties.

With the panel discussing new developments Pierre stated that development finance is still difficult to obtain locally.