House prices fell slightly last quarter but remain 43% higher than the same period in 2019. Latest statistics from the States of Guernsey show that over the last three months the mix adjusted average for a local market property dropped by 2% to £587,673.
There were 145 local market transactions during the second quarter of 2024, 52 more than the previous quarter, but 30 fewer than the second quarter of 2023.
Swoffers director Andre Austin said the dip in activity towards the end of last year had certainly turned around, with negotiators extremely busy.
‘We are super busy across all markets – with just under 60 local market houses under offer, sales volumes are healthy,’ he said.
‘It is a competitive market out there, so vendors need to be mindful of that when they go to the market as it is so price sensitive.
‘The change in interest rates will of course help, and hopefully get a few more people onto the market who weren’t able to previously.’
There were nine open market sales in April to June, six of which Swoffers was responsible for.
The raw median price (realty only) of those transactions was £1,803,750, compared with £1,633,125 in the second quarter of 2023.
‘The open market is very busy with plenty of people visiting. Guernsey has always been viewed as a safe haven, and the recent unrest in the UK underlines further what a safe and stable place we live in,’ said open market negotiator, Alex Stuart.
For those renting, prices continue to rise. The mix adjusted average rental price for Local Market properties was £1,971 per calendar month in the second quarter of 2024; 3.1% higher than the previous quarter, 5.7% higher than the second quarter of 2023 and 45.9% higher than five years previously.
For full details of the Guernsey quarterly residential property prices bulletin, click here.
