Local market house sales up year-on-year

Sunday 11 February 2018

Housing sales in the local market continued to grow at the end of last year as quarterly figures were up on 2016, the Quarterly Residential Property Prices bulletin has shown.

There were 186 local market transaction in Q4 of 2017, which was 14 fewer than the previous quarter, but it was up 39 on the same period in 2016.

The Guernsey Residential Property Prices bulletin measures average price changes in residential properties sold on the island each quarter and provides a headline analysis of trends in average prices.

Data complied on the island's housing stock in 2011 enabled the development of new methods for calculating average purchase prices. Compared with previously published measures, the mix adjusted average, the method of calculation is much less susceptible to changes from one quarter to the next in the profile of properties sold.

The mix adjusted average purchase price for Local Market properties was £424,524 in the fourth quarter of 2017, 0.3% higher than the previous quarter and 2.5% higher than the fourth quarter of 2016.

6.5% of the properties transacted in the fourth quarter of 2017 had been built within the twelve months prior to being sold. 8.7% had been built within the three years prior to being sold.

The raw median price of the 18 Open Market transactions in the fourth quarter of 2017 was £1,026,000 compared with £1,087,750 in the fourth quarter of 2016, when there were 13 transactions. 

The full bulletin can be found here: www.gov.gg/property.