Guernsey's housing market is 'slowing down'

House prices are down by about £30,000 on the second quarter of 2014

Guernsey's housing market is slowing, with the lowest number of properties sold since 1999, according to government figures.

The average price for local market houses fell for the second quarter running, down more than £30,000 on the same period in 2014.

Local market properties are restricted to qualified residents and people with housing licences.

The average house price is just under £437,000 but was £468,878 in 2014.

The number of properties sold in the second quarter of 2015 was 126, which is 30 fewer than the corresponding period in 2014.

'Drop the price'

Rosemary Farish, who sold her house recently, said she carried out improvements on her home expecting it to go quickly but it took 18 months to sell.

She said: "The first time we reduced it by £20,000, then we reduced it by £40,000 and in the end to sell it we reduced it by £90,000.

"I felt a bit sick but we've got no grief as we brought at a time when house prices where nowhere like they are now and we were able to buy cheaper than expected.

"It is an incredibly slow market and the only people selling are those that know they have to drop the price."

A Policy Council spokesperson says a general slowdown of the residential property market in Guernsey is evident.