/ Author: SPF

Pierre opened the discussion, stating that the new lender Marsden Building Society has had a positive impact on the island, with a number of applications being received, and the first application already being completed, through the court. Matt from Cooper Brouard went on to state as predicted, there was a slightly ‘slow’ period at the end of July/beginning of August, but they are back to a busy schedule this month, with seven houses going through the court process, last week and offers flowing through, consistently. This has predominately been first time buyers, but has also been a mix of fields and individual plots.

 

Steve from Guernsey Housing, also emphasised a busy schedule ahead of them, with four sites currently under construction, ranging from rentals to partial ownerships and also Key worker housing, (health department). Steve went on to say that 2019 will bring exciting new developments to the agenda, and of course the completion of current projects, one being the Maison Maritaine, which will provide accommodation for people with autism, something which is not currently catered for, in Guernsey.

 

With talk of developments, John Randall proposed the idea of utilising Leale’s yard, a hot topic on the island. With current planning in place for 412 properties, all being residential and including an underground car park, it was suggested that a project of this scale, perhaps needs ‘scaling down’ first and rethinking, as the market may not be ready for such volumes of residential properties. On the subject of the Vale, the discussion then took a more nostalgic turn, and memories of the ‘North Regatta’ were recalled, with many tales of times gone by!

 

Focus is drawn back on the island’s current developments, and Steve goes on to tell us that the Warry’s site was filled within four weeks of completion. Steve went on to mention the site with the ‘bunker’ which is still under construction, with a predicted completion, in January.

 

Shared ownership properties are still very much in demand, with ninety people currently on the waiting list. Steve predicts that a time period of 2-3 years would be expected, in order to ‘eat into’ that figure. One bedroom properties are dominating the demand. In respect of the partial ownership properties the average level of ownership sits between 40% and 50%. Steve informs us, however, that there are talks underway with the board, and they are hoping to offer up to 90% ownership which is increasing from the current level of 80%. This is yet to be officially confirmed.

 

Pierre concludes the discussion, reinforcing the fact that Guernsey’s newest lender, Marsden, has had a great impact on the island, and that it’s arrival has been well received by current lenders; ‘They (Marsden), are offering products that were not available before, this has consequently opened up the market to people that could not borrow, previously’.

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