House prices fell slightly last quarter but remain 37% higher than the same period in 2019. Latest statistics from the States of Guernsey show that over the last three months of 2024 the mix adjusted average price dropped by 0.9% to £604,139.
There were 190 Local Market transactions during the fourth quarter of 2024, 25 more than the previous quarter, and 40 more than the fourth quarter of 2023.
Swoffers’ Local Market negotiatior Sarah Gaudion said the end of 2024 was very busy, and that the States’ figures tally with what the team has seen on the ground.
‘It’s been a very encouraging start to the year – we currently have 56 local market houses under offer, stock levels are reasonable, but we could still do with more property at all levels of the market, particularly family homes,’ she said.
‘There was good number of high-level transactions (over £1m) last year, with 68 sold and Swoffers responsible for 29 of those – more than three times more than our nearest competitor.’
Sarah said the cost of building is still a major factor in the market.
‘We are seeing that purchasers are, within reason, prepared to pay a premium for modern or renovated properties, whilst vendors of properties requiring renovation or modernising must be prepared to offer some flexibility on price. Those who are being sensible are seeing the rewards.’
There were 26 open market sales in October to December. The raw median price (realty only) of those transactions was £1,755,000.
Alex Stuart, Open Market negotiator at Swoffers, said: ‘It was an excellent year for the Open Market with total sales up nearly 50% on 2023. We underpinned our position as market leader with nearly 70% of Open Market agency sales.
‘This year we’ve started where we left off with plenty of new prospective buyers visiting the Island, the majority from the UK, many indicating they want to be here before the end of the tax year in the UK in April. We have started to see a decent level of new instructions but clearly there is a demand for more.’
For those renting, the cost continues to rise year-on-year. The mix adjusted average rental price for Local Market properties was £2,037 per calendar month in the last quarter of 2024; 0.8% lower than the previous quarter, 6.0% higher than the fourth quarter of 2023 and 50.2% higher than five years previously.
Head of rentals at Swoffers, Sue Nicolle, said while the Local Market remains busy, it has quietened and is less heated and a little more price sensitive.
‘Whilst prices remain high, they have stabilised on the Local Market. The Open Market, meanwhile, has been non-stop busy since July last year and continues to be at the start of this year. Renters are almost exclusively UK residents relocating post-election, and this has probably accelerated after the UK budget,’ she said.
For full details of the Guernsey quarterly residential property prices bulletin, click here.
