During June a total of 646 property sales contracts were deposited at Land Registry offices across the island compared to the 714 deposited in June last year. Although this represents a fall of 10%, it’s a significant improvement on the 80% fall in April and the 71% fall in May.
This recovery has been helped by the Government easing the COVID-19 lockdown measures and its decision to introduce an interest rate subsidy for new housing loans. The subsidy will benefit many to take advantage of cheap borrowing costs for four years. Also, many properties are being offered for sale at a discount of up to 20%.