Average Local Market House Price Falls to £420,188

16th May 2016

The average Guernsey local market house price has fallen to £420,188 in the first quarter of 2016.

The headline figures of the States calculated average local market price between January and March 2016 is less than 1% lower than the previous/final quarter in 2015, and 5.8% lower than the same quarter last year.

The number of sales remained virtually the same, suggesting a steady market driven by lowering prices. Many of the lowering prices are in the higher price range, which has the effect of lowering the “average” price even though prices in the first time buyers range remain the same or, in some cases, show a slight increase.

The average open market price for the same quarter has increased by more than 100% compared to the same quarter last year. This is not a true reflection of the market but does question the method chosen by the States for calculating “average” prices.