Guernsey house prices fell by 3.8% in last quarter

Prices are still higher than five years ago but have dropped compared in the last quarter

The average purchase price of a property in Guernsey has dropped by 3.8% in the last three months, statistics from the States of Guernsey have revealed.

Figures from the last quarter of 2022 showed the price was 51.6% higher than it was five years ago at £638,267.

However the average purchase price for a local market property in the first quarter of 2023 was £613,942, nearly 4% lower than the previous quarter.

The Residential Property Prices Bulletin said factors including age, location and quality determined the "actual value" of individual properties.

The bulletin said there were 113 local market transactions during the first quarter of 2023 - 68 down on the previous quarter and 27 fewer than five years previously.