The average price of a Local Market property stood at £599,745 in the first quarter of 2024, marking a 1.6% decrease from the previous quarter and a 2.3% drop compared to the first quarter of 2023. However, prices remain significantly higher than five years ago, with an increase in the average of 45.1%.

Q1 2024 also recorded the lowest turnover of houses since records began in 1999, with only 93 Local Market transactions—57 fewer than the previous quarter and 20 fewer than Q1 2023. Given Q1 typically sees fewer sales, it is too early to speculate on whether this trend will continue.

What is clear, however, is that, despite these fluctuations, there are signs that the market is transitioning back to more stable rates, helped by an improvement in the economic situation in the UK. While we don’t anticipate a return to the post-covid boom, the expected reduction in interest rates later this year suggests a move towards a more robust economy and a better environment for borrowers.

Channel Island lenders typically follow their UK counterparts, who in turn take their lead on rates from the Bank of England.

THRIVING IN A COOLING HOUSING MARKET

The market was slower in Q1, but we’d again advise that property is selling if it’s priced sensibly and in line with market rate. In times like these, having a trusted partner is essential to navigate the evolving landscape.

At Livingroom, we are here to guide you through this transition, ensuring you make the most of the changing market conditions. Our expert team is dedicated to providing the insights and support you need to succeed; they’ve seen it all and are well placed to advise on how to price for a sale, where to focus your search, and how to market property.

Listening to your agent's advice is more important now than ever. With market dynamics shifting, it's crucial to stay adaptable and informed. We strongly recommend to vendors that they price accordingly. Check out our blog on the importance of justifying your price with proven sales data. An experienced agent can help you price your home to reflect current market conditions, increasing your chances of not just selling your home, but achieving its full value.

Our team’s extensive knowledge and expertise are at your disposal, ready to help you achieve the best possible outcome. Get in touch on +44 1481 715555 to speak to us today, or register to let us know what you’re looking for, there are still plenty of options in the Guernsey market.

Q1: GUERNSEY’S PROPERTY MARKET

The post-pandemic economic environment of high inflation and increased interest rates continued to impact the Guernsey property market as 2024 began, figures from the States of Guernsey’s Q1 residential property bulletin reveal.

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