Sales
The median price for local market homes in Guernsey during Q2 of 2024 is now £1,803,750
However, this did not deter many property seekers as in Q2 alone there have been 202 properties purchased. This may be in part to the 9% drop in prices within the open market, however they are still 30% higher than they were only five years ago.
The States of Guernsey have suggested that under the UK’s new Labour Government, the open market could receive a boost.
Pictured: Average purchase price within the local market.
Alternatively for renters, things appear to only be getting worse with rental prices continuing to rise.
Mr Hemans said: “Rent remains relatively unaffordable for those who are not property owners, consuming a painful 55% of average earnings and leaving little money available for other expenditure.”
Pictured: Average rent type in the local market (five year interval).
Rental prices in Guernsey continue to rise, with statistics showing that – in comparison to 2019 and 2014 – rent has never been more expensive and for those in low income housing it is becoming difficult to retain a comfortable lifestyle, which isn’t helped by the price of rentals increasing by 5.7%.
Additionally there is a lack of housing in general in Guernsey, leaving the supply of homes restricted.
The stability of the housing market is still very weak, with purchases and transactions both on the decline compared to last year.
Mr Hemans also said that some of the fault is due to the COVID pandemic in 2020, however he believes things are beginning to normalise.
It’s thought this is due to the affordability ratio for house prices to earnings falling to 14.5, expected to lower to 14 by the end of this year.