The second quarter of 2023 has brought mixed trends to Guernsey’s residential property market, as unveiled in the latest publications from the island’s Data and Analysis team.
In the Local Market sector, the mix adjusted average purchase price dropped to £600,836, a 2.1% decline from Q1 2023.
Though down from the previous quarter, the price is still 0.3% higher than in Q2 2022, and significantly, 46.2% higher than the level five years earlier.
Local Market transactions saw a rise from the previous quarter with 175 sales, an increase of 62 transactions.
However, when compared to the second quarter of 2022, the sales were down by 61, and 8 fewer than the figure five years prior.
The Open Market displayed strength with the raw median price of the 20 transactions in the quarter reaching £1,633,125.
Perhaps most notably, rental prices have seen robust growth. The mix adjusted average monthly rental price for Local Market properties hit £1,864, a jump of 4.8% over the previous quarter.
This marked a 2.6% increase over Q2 2022 and a substantial 42.3% rise compared to five years earlier.
