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The latest States data suggests that an additional 1,488 homes need to be built by 2028 - slightly lower than previous forecasts.
Increased demand for one-bed units of accommodation has also been highlighted in the latest States Strategic Housing Indicator monitoring report.
Published by the States this week, the SSHI monitoring report also shows that under-occupancy amongst pensioner households with no children remains common.
Pictured: Data from the 2024 SSHI monitoring report.
The States Strategic Housing Indicator is a States-agreed figure which sets out the total number of additional accommodation units that need to be created each year if Guernsey is to meet its projected housing need.
In March 2023 the States set the SSHI at 1,565 additional housing units required over the five-year period 2023 to 2027, based on a fertility rate of 1.5 and a net annual migration rate of +300.
Having monitored the housing market and needs over the past year, the SSHI is now set at 1,488 - around 5% lower than last year.
This 5% decrease was influenced by a 7% decrease in demand for affordable housing (defined by the States as States-owned or GHA properties) and a 3% decline in demand for private market housing.
This is partly attributed to more accurate data now being available around members of the community who are in-securely housed, said those behind the report.
There has been a "significant" increase in demand for one-bedroom units in the private market, which has been attributed to a change in approach for people who may be insecurely housed (such as those living in lodging houses), reflecting that they, in most cases, require smaller units than may be available currently.
The improved data available is also said to show that under-occupancy (at least one bedroom spare) is less of a problem overall now than it was thought to be last year across the entire island. However, under-occupancy amongst pensioner households with no children remains common with the SSHI showing that 82% have at least one spare bedroom.
The SSHI does state that under-occupancy isn’t necessarily a problem for households that want and choose to live in homes bigger than they need, it does show the inefficient use of our housing stock, make housing more expensive, and puts significant additional pressure on the land supply needed for housing development.
The States has tried to encourage 'down-sizing' among older residents.
A scheme brought in to reduce document duty on property sales where the owner is moving to a smaller property benefited 45 sellers last year.
Introduced by the States in 2022, the scheme was brought in to incentivise downsizing by charging document duty at a rate of 0% for the first £400,000 of a property, as long as the transaction met certain conditions.
45 house transactions benefit from downsizing relief
Housing study to look at downsizing problems
E&I commits to tackling the housing crisis
DPA expect less land needed for housing
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