House sales in Guernsey at record low

The number of properties changing hands in Guernsey is at its lowest in 25 years.

The average local market price is £599,745.

This is 1.6% less than in December 2023, but remains 45.1% higher than five years ago.

The market is still steadying after a spike during the Covid-19 pandemic.

57 fewer Local Market houses were sold in the first quarter of 2024, compared to the previous quarter, with just 93 changing hands between January and March 2024.

This is the lowest number of transactions in any quarter since records began, in 1999.

Only 18 Open Market transactions were made during that time, averaging at just over £1.4M, compared with £1.7M in the first quarter of 2023.

Rental properties now cost on average £1,911 pcm, a decrease of 0.5% since the end of 2023 - but 7.5% higher than a year before.

Full details of the States' collated Residential Property Prices for Q1 2024 can be found here.