The latest residential property figures from the States of Guernsey provide an insightful snapshot of the housing market in the fourth quarter of 2024, with both property and rental prices experiencing a slight drop.

The mix-adjusted average price of Local Market properties fell slightly to £604,139 in Q4 of 2024, marking a 0.9% decrease from the previous quarter and the same period last year. However, prices remain significantly higher than five years ago – an increase of 37% higher since the COVID-prompted boom of 2020.

A total of 190 Local Market properties changed hands this quarter, 25 more than Q3 and 40 more than Q4 of 2023, signalling growing confidence among buyers and more realistic pricing among vendors.

The lettings market pricing saw a small decline, with the average rent costing £2,037 per month – a 0.8% decrease compared to the previous quarter. Looking at the bigger picture, renters are still paying 6% more than a year ago and 50% more than five years ago.

One notable trend is the growing time it takes for properties to sell. The average time between a property being listed and sold increased to 234 days, up significantly from 168 days in Q4 2023. This perhaps reflects a shifting mindset among buyers, who are more willing to wait for perceived value in the market.

Additionally, sellers are having to adjust their expectations, with final sale prices averaging 7.4% lower than the maximum advertised price. While this gap has narrowed compared to a year ago (8.2%), it highlights the importance of setting realistic asking prices in a competitive market.

Livingroom’s Local Market Director, Sophie Turian, reiterated this advice for vendors: “The turn of the year often prompts a flurry of enquiries to the Livingroom team as people come out of the festive season and set their minds to a property move that may have been put on hold."

GUERNSEY Q4 PROPERTY DATA: A YEAR-END REVIEW

An insightful snapshot of the housing market in the fourth quarter of 2024.

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