Latest statistics from the States of Guernsey show that the average local market house price in Guernsey fell in the first three months of this year.
In Q1 of 2025, the mix-adjusted average purchase price for Local Market properties in Guernsey was £580,412 – down 3.9% on the previous quarter. This is also 3.2% lower than the first quarter of 2024.
There were 166 Local Market transactions during this period, 22 fewer than the previous quarter but 73 more than the first quarter of 2024.
Swoffers director Andre Austin said while the property market remains price sensitive, vendors are demonstrating realism and sensibility in aligning their expectations with current market conditions.
‘We are incredibly busy in Local Market sales – at one point recently we had 84 Local Market houses under offer, which is the most we’ve ever had under offer at one time. And, the recent drop in interest rates was been welcomed,’ he said.
But, one frustration is that bank turnaround times and a shortage of surveyors willing to undertake homebuyer surveys are proving incredibly problematic to the process of getting sales concluded within any form of reasonable timeframe, he added.
‘It is not uncommon for sales to take upwards of three months to be concluded from the time of an offer being made, through no fault of the buyer.’
The raw median price (realty only) of the 16 Open Market transactions in the first quarter of 2025 was £1,913,438, compared with £1,462,500 in the first quarter of 2024. In the first quarter of 2020 the median was £1,365,000.
Swoffers Open Market negotiator Alex Stuart said that with similar levels of transactions to Q1 2024, activity levels on the Open Market ‘remain high’.
‘We expect this trend to continue as people look for alternative jurisdictions outside of the UK,’ he said.
