'Local market' house prices in Guernsey up 13.5% in 2022

The average price of a house sold on Guernsey's 'local market' rose by 13.5% last year, according to new statistics.

Legal firm Collas Crill says £856 million worth of properties exchanged hands in last year - the second highest figure on record.

That's around £100 million less than 2021's record total.

Fewer properties exchanged hands last year, with 990 transactions going through Guernsey's court last year. That's down from 1,153 in 2021.

892 were local market sales compared to just 98 on the open market.

What's the difference between the 'local market' and 'open market' in Guernsey?

Guernsey's two property markets define who is able to occupy the building rather than own it.

Most properties are sold on the 'local market' - meaning those who live in them have to qualify as local residents, either because they were born on the island, have family ties, or have a permit from the Population Management Office.

'Open market' properties make up around 7% of Guernsey homes, but can be occupied by anyone with a British or Irish passport. However, those properties tend to cost more to purchase than those on the 'local market'.

The average house sold on Guernsey's local market last year cost £667,669, while flats cost an average of £346,816 - up 8.2% in the same period.

On the open market, the average house sold for just under £1.5 million - a 4.2% drop compared to 2021, while open market flat transactions increased in value by 14%.