GUERNSEY should look to capitalise on signs of a revival in its open housing market, according to one estate agent.

An increasing number of enquiries are being received from UK residents earning more than £150,000 per year and looking to escape being taxed at 50% from April.

Richard Fox (pictured), director of open market sales at Martel Maides, said other countries were already taking steps ahead of Guernsey to attract high net worth individuals from the UK and the island could follow suit.

‘The steady rise of incremental taxation needed to steady the economy and the UK’s national credit rating has led to a marked increase in enquiry levels about property on the island.

‘For the time being, though, the actual levels of recorded sales are still showing no real signs of an upward momentum as people take time to explore what Guernsey has to offer against the attractions of other jurisdictions.

‘Some jurisdictions have taken a decision at government level to encourage new residents for the contribution they make to the community on both a financial and social level.

‘As yet, Guernsey has failed to take similar proactive steps and the open market continues to be largely self-sustaining. Following the substantial shortfall in projected income from duty on property transactions over the last 18 months, this may be a potential revenue source to be targeted.’