The cost of renting a home in Guernsey continues to climb while average purchase prices for homes fell by a fraction, new figures have shown. 

The average price of a rental in the third quarter of the year was £2,112 – up 1.8% on the previous quarter and 2.8% higher than the same period last year.

Rents have risen by 53.5% since the autumn of 2020.

Meanwhile average house prices fell to £592,584, based on the transaction data for the period. This was 0.7% lower than the summer months, and 2.8% lower than last autumn.

Sales were up with 209 Local Market and 22 Open Market sales completed between July and September.

But the final sale price was, on average, 7.3% lower than what was first advertised, and homes are taking longer to change hands with the average time between going on the market and a court date stretching to 265 days.

Pictured: Stuart Leslie from Savills.

One estate agent said the property market is now appearing to show some consistency after an unpredictable year.

Stuart Leslie, Head of Residential Sales at Savills Guernsey, noted that sales had improved up to the end of September and said sales rose even higher in October based on conveyancing data.

“Much of the activity in the Local Market has been driven by properties priced between £600,000 and £1million – largely due to a softening in mortgage rates. This slight drop – coupled with an easing in house prices – has moved things along and enabled buyers to access the necessary lending and manage their costs more effectively,” he said.

“The Open Market figures are also encouraging. That’s perhaps not unusual – we often have Open Market applicants coming over in the summer, getting to know the island, and following up with sales that go through towards the end of the year.”

Mr Leslie said there has already been increased interest in island property ahead of the UK’s autumn budget which is widely expected to include tax rises.

“We’re already seeing increased interest in anticipation of any possible tax changes – and it will be interesting to see if initial enquiries translate into sales,” he added.