Housing prices down but rent continues to rise
The States of Guernsey has released the Residential Property Prices Bulletin for the last quarter of 2023
At a glance
Average house prices fell in 2023 but rents continued to increase
The average cost of buying a house is still 47.5% higher than five years ago.
The average monthly rent was more than £1,900 at the end of 2023
- Published
Average house prices fell in Guernsey in 2023 but rents continued to increase, according to the latest analysis.
The Residential Property Prices bulletin found the average price for Local Market properties for the last quarter of 2023 was 4.5% lower than in 2022.
However the average rental price for Local Market properties went up by 11.4% to £1,922 per calendar month in the last quarter of 2023.
People working in property said there was still "an imbalance between supply and demand" that kept prices high.
'Pressure on prices'
The review found the average purchase price for Local Market properties was £609,362 for the last quarter of 2023.
That purchase price was 47.5% higher than five years previously.
Annie Le Prevost, lettings manager at Savills Guernsey, said: "While demand clearly still outweighs supply, relatively speaking, stock levels also appear to be on the rise – particularly smaller properties."
She added: "These are few and far between, so I think we will continue to see an imbalance between supply and demand that keeps pressure on prices."
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