Guernsey housing market like 'London on steroids'

Victoria Slade said demand for housing was massively outstripping supply

The new CEO of Guernsey's biggest developer has described the island's housing market as "London on steroids".

Victoria Slade, the new boss of the Guernsey Housing Association (GHA), said: "Guernsey's housing market is so challenging.

"The income multiples people need to buy a home are much bigger than anywhere in the UK."

At the end of 2022 States of Guernsey figures showed the average price of a local market house was £638,267.

House prices have jumped by more than 50% in the past five years, according to figures from the end of 2022.

The average rental price for local market properties was £1,725 per calendar month at the end of 2022, a 35.7% jump from the end of 2017.

Housing crisis

The GHA was created by the States to develop affordable housing opportunities for local people on lower incomes.

One of the key priorities identified during this States term was tackling the housing crisis.

"The rental market is not great in terms of rent levels and while there's support for some, there's not support for people with a standard job," said Mrs Slade.

"The demand for housing is just massively outstripping supply.

"There's an issue around land availability because Guernsey is an island.

"Plus you've got the issues with the costs of construction, which are even higher than the UK.

"Youngsters want to make their lives here but there are very little opportunities when it comes to housing to do that because people can't afford to live here and stay here."

Yvonne Smyth said being on the waiting list was frustrating

Mrs Slade said the waiting list for properties through the GHA was still increasing.

There are currently 400 people waiting for accommodation on the GHA waiting list.

Yvonne Smyth is one of them and has been on the list for the past four years.

She has been told she is in the top 20 at the moment.

"A GHA house will mean a better environment for me, for my daughter, and would mean a lot," she said.

"It's a waiting game on the list. It is frustrating but you learn to live with it."

Miss Smyth agreed with Mrs Slade about the state of Guernsey's housing market.

"In Guernsey [it] is ridiculous," she said.

"The prices are so high, even rental houses are so high. It can be difficult.

"I imagine for younger people it must be difficult to move out of home.

"I wish things were better and the States would sort out the housing issue and make it a priority, as I don't think it is. I'm a local person and I need somewhere to live.

"It's frustrating to see that land has been bought by the States but no action is happening."

'Tipping point'

Guernsey's Housing Association currently manages more than 1,000 properties across the island made up of partial ownership, rental properties, extra care apartments and specialist homes for people with autism.

Mrs Slade said one of her priorities would be managing the current stock to a high level.

"A lot of GHA homes were built at the same time, and they are getting old together," she said.

"Part of the role will be balancing the need for new houses with being a good landlord, delivering good services.

"We are at a tipping point where we have to think about making sure our existing homes are good."

She added that the GHA had "done well" in recent years, increasing the supply of housing, and that work would continue.

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