Slight fall in local market house prices

Guernsey, Local Market

There was a slight drop in the average purchase price of Local Market properties last quarter, but more properties were sold than during the first quarter of 2023.

The average purchase price for April to June was just under £601,000 – on a par with 2022 and 46.2% higher than the same period in 2018.

Latest figures from the States of Guernsey’s quarterly residential property price bulletin show that the mix adjusted average purchase price for the Local Market properties transacted during the second quarter of 2023 was £600,836, 2.1% lower than the previous quarter, 0.3% higher than the second quarter of 2022 and 46.2% higher than five years previously.

‘These figures reflect what we are seeing on the ground at Swoffers, so this slight fall does not come as a surprise. The increased cost of borrowing, general cost of living issues and shortage of stock have all contributed to the current situation,’ said Swoffers Director Andre Austin.

‘Our lengthy experience tells us that the property market sees these kinds of cycles, and doesn’t indicate any significant cause for concern.’

The mix adjusted price is a measure of the value of the properties sold during the quarter, not a reflection of the values of individual properties nor the change in the value of any one property over time.

There were 175 Local Market transactions during the second quarter of 2023, 62 more than the previous quarter, 61 fewer than the second quarter of 2022 and 8 fewer than the second quarter of 2018.

The raw median price (realty only) of the 20 Open Market transactions in the second quarter of 2023 was £1,633,125, compared with £1,366,843 in the second quarter of 2022. Of those 20 transactions, Swoffers was responsible for 10 of them at an average of £2,704,650 (realty only).

‘Guernsey continues to be an attractive relocation destination and our Open Market team continues to be busy,’ said Managing Director, Craig Whitman.

The cost of rental property continues to rise. The mix adjusted average rental price for Local Market properties was £1,864 per calendar month in the second quarter of 2023, 4.8% higher than the previous quarter, 2.6% higher than the second quarter of 2022 and 42.3% higher than five years previously.

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