“Jersey housing market is a two-tier system,” says Livingroom Founder, CEO

Livingroom Estate Agents is celebrating one year of operating in Jersey this week. Founder, CEO Simon Torode moved to Jersey to establish the business in its office on Green Street and here shares his impressions on the island’s property market.

“Being a year into the life of Livingroom in Jersey is a great chance to reflect on what has been an amazing 12 months for the business as we’ve established ourselves and grown to nine staff.

“Expanding the business from Guernsey meant I had an idea of what the market here was like and I made a point of hiring knowledgeable experts who know Jersey inside out in order to help Livingroom make an immediate impression in a crowded marketplace.

“It strikes me that, like Guernsey, Jersey actually has a two-tier housing system; it has just developed organically and isn’t explicit in law.

“On the one hand, it is abundantly clear that for properties up to £1,000,000 demand is outstripping supply with intense market heat. But on the other hand there has been a notable slow-down, even in the year we’ve been here, in sales over £1,000,000.

“Being a relatively new entrant in the marketplace means we are a fresh pair of eyes and can be frank with our vendors, something we have always done as we pride ourselves on our honesty.

“The ultimate goal for an estate agent is to achieve a sale for the vendor and we always act in their best interests. This sometimes means we have to tell them a brutal truth but most are understanding and appreciate our honesty.

“That means that we have sometimes told vendors things that they don’t want to hear, like that their property will not sell at the price they have in mind. Unfortunately the split-market system has created unrealistic expectations in the upper price brackets as vendors see a dynamic market in the lower bracket.

“It’s been a successful first 12 months and we really have been staggered to sell some of the island’s most high-quality homes to appreciative buyers who, like us, want to enjoy the best of Jersey. One year in Jersey has taught us an awful lot and we’re looking forward to an exciting future in the island.”