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House prices remain 10% higher than last year

House prices remain 10% higher than last year

Wednesday 18 August 2021

House prices remain 10% higher than last year


The average purchase price for a Local Market property in Guernsey was £505,579 in the second quarter of this year, nearly 10% higher than the same time last year.

The Guernsey Quarterly Residential Property Prices Bulletin has been published by the States of Guernsey, and, despite the 10% increase, indicates a small fall in house prices from the start of the year.

This is despite 297 properties changing hands, which is 130 more than the first quarter of 2021.

The report also records a continual fall in the time between advertising a property and its eventual purchase.

House_Prices.png

Pictured: The sharp rise in house prices appears to be levelling off.

Meanwhile, the rental market continues to climb ever higher, with the average Local Market rental price being £1,593.

This isn’t just 16% higher than the same time last year, it’s 6% higher than the previous quarter.

 Rental_Prices.png

Pictured: Rental prices continue to rise as properties become more and more scarce.

It’s only the second time that quarterly statistics have been published regarding rental property prices. 

The first quarter of 2021 recorded an 9% rise in rent from the previous quarter, with both quarters of 2021 published so far revealing a huge jump up in the cost of a rental property.

You can read the full bulletin ONLINE.

 

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