House prices fall by 1.6% in a quarter

The figures are in the latest property prices bulletin for the last quarter of 2023

The average purchase price of a property in Guernsey, based on sales in the last three months, has dropped by 1.6%, new figures show.

The Residential Property Prices bulletin found the mix-adjusted average price for local market properties was £599,745 in the first quarter of this year.

The bulletin found the figure was 2.3% lower than the first quarter of 2023.

However, it found it was 45.1% higher than five years previously.

The average rental price for local market properties was £1,911 in the first quarter of 2024 - 0.5% lower than the previous quarter.

However, the figure was 7.5% higher than the first quarter of 2023 and 43.9% higher than five years previously.

The bulletin said factors including age, location and quality determined the "actual value" of individual properties.

The bulletin said there were 93 local market transactions during the first quarter of 2024 - 57 down on the previous quarter and 20 fewer than the first quarter of 2023.