Cost of property in Guernsey increases 54% in last five years

The average Guernsey property price has gone up 54% in five years, or 7.8% in the last 12 months, according to new government statistics.

It comes after a report earlier this year found that Guernsey housing costs more than anywhere else in Europe - with the average property costing 16.3x more than the average wage.

The average "local market" property in Guernsey cost £647,889 between July and September 2023.

Statistics also suggest a slowing in sales - with 96 fewer properties sold on the "local market" than this time last year.

In fact, that figure is the lowest number sold in the third quarter since records began in 1999.

Nick Paluch from the estate agent Savills said: “The rise in the cost of living and increase in interest rates has also made buyers more cautious, resulting in a drop in the number of properties sold".

The "open market" average price was much higher than the "local market" - as it normally is - at £1,443,438.

"Local market" rent has also risen sharply: the monthly average was £1,909 - 10.6% higher than this time last year and 46.1% higher than five years previously.

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