'Local market' rent costs in Guernsey rise to a decade high, but housing prices fall by 2.1%

Rental prices in Guernsey's 'local market' have risen by 4.8% against the previous quarter, according to new Government statistics.

The increase marks a new high for the last ten years.

The average monthly rent was £1,725 at the end of last year, but that has now risen to £1,864.

The report also showed that the average price of a 'local market' property in Guernsey has fallen by 2.1%.

Despite this slight drop from the previous quarter, the average house price of £600,836 remains 46.2% higher than five years previously and is also higher than this time last year.

Fewer 'local market' properties exchanged hands in the second quarter of 2023 compared to this time a year ago, with 175 transactions compared to 236 in the second quarter of 2022.

High demand and a restricted supply of housing remain the significant causes of price changes.

Responding to the numbers, Nick Paluch from Savills Guernsey said: "the housing market hit a peak in 2022 - so a cooling off period was perhaps somewhat inevitable.

"As such the slowdown in activity in the Local Market is not wholly unexpected."

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