First-time buyers 'need more help' in Guernsey

Krista and Mikey bought their property in July 2024

First-time property buyers in Guernsey need more help from banks and the government, according to an estate agent and a young property owner.

Krista Osborne bought a flat in Vale in July 2024 with her partner Mikey.

They stayed with her mum for four years to enable them to save up enough money for a deposit.

Following the election in June, the States set up a Housing Committee which is responsible for finding ways to tackle the island's housing crisis.

Miss Osborne said the couple had to make "sacrifices" along the way but believed young people had it "harder than what it maybe would have been 20 or 30 years ago".

When searching for a property, Miss Osborne said their "non-negotiables" were two bedrooms, a garden and parking but they were forced to "sacrifice" having a garden to get on the property ladder within their budget.

"If I say to a friend in the UK, they think I'm mad that that's even something I would have to compromise on.

"For them, if they're buying a house, two bedrooms, parking and a garden is your absolute bare minimum.

"Whereas for us, that's now seen as a luxury and I really don't think that two bedrooms, parking and a garden in this day and age should be seen as a luxury but that's the sort of property market that we're working in."

Andre Austin says Guernsey's property market is "unique"

Andre Austin, director of estate agent Swoffers, said "Guernsey is a unique market" but "challenging conversations" should be had with lenders to help first-time buyers.

"I think the government can perhaps get involved and meet the lenders, talking about the service they're providing and asking whether it's good enough.

"The service we're being given by lenders I don't think is up to scratch. I think it could be infinitely better."

Future Guernsey wants tax breaks for under-30s and wants document duty scrapped for some homes

Lindsay Freeman, who is the CEO of Future Guernsey, wants tax breaks for under-30s, a Guernsey property savings allowance for young people to save up to £60,000 tax free which they can use towards the cost of buying their own home.

"People are really struggling with the cost of living. We have to look at lots of different ways to try and bring that down."

The group said scrapping document duty for both the developers and the purchasers of new homes that have less than £600,000 value would incentivise developers to "build the kind of housing that we need".

"There's no denying that we have a real issue with housing stock, there's just not enough of it."

Susan Fouquier says Guernsey risks losing great talent "because they can't afford to stay here"

Susan Fouquier, the CEO of bank Skipton International, said "this is a particularly difficult time for this generation".

"It's not of course just about housing, it means that we're losing great talent going off the island because they can't afford to stay here."

Guernsey's house prices are expected to continue to remain high in the years ahead with the average house price currently just over £596,573.

The average property price in Guernsey 10 years ago was £446,519.

"Prices have risen over time and that's been a function of supply and demand, it's a function of the different types of industries that are on the island.

"We believe that everybody should have a chance at buying their own home.

"Any policies and anything that we can do as an industry to help that I think would be really useful."