Local market house prices fall in Guernsey

The States said the average home cost £588,000 at the end of June

Local market house prices have fallen by 2% in the last 3 months, according to a new report.

The local market means that those properties can only be owned or lived in under certain circumstances, such as those who qualify as local residents by birth or familial connections, or some employment permits.

The States said the average home cost £588,000 at the end of June.

Meanwhile, the average cost of renting a local market home has increased by 3.1% to almost £2,000 a month.

There were 145 local market transactions during the second quarter of 2024.

That was 52 more than the previous quarter, but 30 fewer than the same time last year.

The average rental price for local market properties was £1,971 per calendar month in the second quarter of 2024, which was 3.1% higher than the previous quarter, the figures said.

However, those figures took in account numerous different types of property sizes, ranging from one-bedroom flats to four-bedroom houses, to complete the average price.

Demand 'still high'

Kelsey Gerrard, lettings negotiator at Savills Guernsey, said the increase in monthly rental prices was being driven by a lack of available properties.

"The figures are reflective of what we’re seeing on the ground," she said.

"Demand continues to be high and the number of tenants looking outweighs the number of available properties."

In Jersey, the average home is the same as in Guernsey at £588,000.

However, prices have fallen 4% since April.