Average local market house price dips

Guernsey, Local Market

Fewer transactions and a slight fall in the average price of local market property are highlighted in the latest quarterly residential property price bulletin from the States of Guernsey.

The average mix adjusted price of properties sold during the first quarter of 2023 was £613,942 – down 3.8% on the previous quarter and 7.1% higher than the first quarter of 2022.

There were 68 fewer local market transactions in January to March than in the previous period, and 86 fewer than the first quarter of 2022.

‘The figures don’t really come as much of a surprise. It’s well documented the market peaked last year and was always going to cool off,’ said Local Market director Andre Austin.

‘The good news is that there are still plenty of buyers around, the market has just become more price sensitive. We are also starting to see stock levels increase which is great news for buyers.’

The raw median price (realty only) of the 14 Open Market transactions in the first quarter of 2023 was £1,779,375, compared with £1,216,313 in the first quarter of 2022. Rental prices saw a slight increase – up 3.1% from the previous quarter and 7% higher than the same period in 2022. The mix adjusted average rental price for local market property now stands at £1,788 a month.

Andre added: ‘Stock levels on the rental market are still a real concern and this has not been helped by the decision by the States to increase document duty on second properties at the end of last year. The rental market needs buy-to-let investors and they are simply investing elsewhere. We hope the States will reconsider this policy.’

 

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