The latest figures from the States of Guernsey’s residential property bulletin reveal notable shifts in the local market for the third quarter of 2024. For the first time since Q3 2023, the average price of houses sold has increased, indicating that perhaps the Guernsey market has found its new level.

The mix-adjusted average price of a Local Market property rose to £609,723, a 3.8% increase from the previous quarter. However, this still represents a 5.9% decrease compared to the same quarter last year, underscoring that while prices may be stabilising, they remain below recent highs. The average rental price also saw a bump, with a 4.2% increase bringing it to £2,054 per month.

Transaction volumes also suggest that islanders have accepted that the market is in a stable position. A total of 165 properties changed hands – a 20% increase from Q2 and a 27% jump from the same period last year – suggesting that buyer confidence may be on the rise.

Guidance for navigating current conditions

This quarter’s data emphasises the crucial role that competitive pricing plays in a successful sale. The gap between the maximum advertised prices and final sale prices for Local Market properties widened this quarter, with final sale prices averaging 7.2% lower than the initial asking prices – compared to a 5.9% difference in Q3 2023 and 6.9% in Q3 2019. These figures point to the importance of realistic appraisals, especially in a market that has yet to fully stabilise.

For those considering selling, our expert team at Livingroom can help you navigate these evolving dynamics with a data-informed approach that aligns with current trends. Our deep understanding of the local market allows us to provide precise valuations, helping you set a competitive price that reflects current conditions and maximises your chances of a successful and timely sale.

As we head into the final quarter of 2024, we expect market shifts to continue, influenced by broader economic factors and prospective changes in interest rates. For those ready to make a move, having the right guidance is essential.

Let our dedicated team support you in finding your ideal property, whatever the market conditions. For tailored listings that match your preferences, register on our website to stay updated on the latest opportunities. 

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