Average house price nearly £600,000 in Guernsey

The average house price in Guernsey is almost £600,000 according to the latest figures.

The quarterly property report from the States of Guernsey showed the average price had increased by 18.5% in the past year.

The average rental price in Guernsey was £1,817 a month - an increase of 14% over the past year.

Estate agents Savills said the price increases were driven by an underlying "supply and demand imbalance".

The report also showed the average time between a local market property becoming available for purchase and its subsequent sale has been decreasing since the second quarter of 2018.

In the second quarter of 2020 - at the beginning of the pandemic - the average purchase price for a house in Guernsey was £459,837.

Nick Paluch, director in the residential sales team at Savills Guernsey, said: "Looking ahead, we expect the supply and demand imbalance to continue to underpin activity and - crucially - notwithstanding wider economic pressures, the lifestyle factors that attract people to Guernsey will not change."

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