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House prices continue to drop in Guernsey as fewer properties are sold than at any other time in the last 25 years.
The latest data released by the States shows the mix adjusted average purchase price for Local Market properties was £599,745 in the first quarter of 2024.
That is 1.6% lower than the previous quarter and 2.3% lower than the first quarter of 2023 but it is 45.1% higher than prices were five years ago.
Pictured: House prices have dropped but they are still much higher than five years ago.
The States data also shows that while there were 93 Local Market transactions during the first three months of this year, that was 57 fewer than the previous quarter and 20 fewer than the first quarter of 2023.
The States started keeping data on property transactions in this format in 1999, and the first quarter of this year - January to March - has recorded the lowest number of any transactions in any quarter since these figures were first recorded.
Data now recorded by the States also tells us that the current average time it takes to sell a property is 181 days - based on the four quarter rolling average for Local Market properties purchased in the first quarter of 2024.
We've also learnt that the difference between the maximum advertised prices compared with the final sale prices of Local Market properties has risen over the first quarter of 2024 with the final sale price on average 8.8% lower than the maximum advertised price, compared with 6.7% a year ago and 6.4% in the first quarter of 2019.
On the Open Market, there were 18 transactions during the first quarter of 2024, with a raw median price (realty only) of £1,462,500.
The most expensive property ever sold in Guernsey won't be included in those statistics though.
St George at Rue des Deslisles Castle changed hands for £24,375,000 on 23 April meaning its price will be reflected in the next Residential Property (Housing) Stock and Prices bulletin, due to be published in August.
Pictured: Data released by the States shows a slight decrease in rental prices.
Rental prices have also dropped slightly over recent months, but they still remain far higher than five years ago.
The mix adjusted average monthly rental price for Local Market properties between January and March of this year was £1,911, which is 0.5% lower than the previous quarter.
The current rental price average is 7.5% higher than it was during the first quarter of 2023, and 43.9% higher than five years previously, showing how high prices have risen for renters.
Slight drop in average house price
Guernsey's house price to income ratio joint worst in western Europe
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