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Residential Property in Guernsey

Average Local House Price exceeds £245,533 at end of 2001

As of the start of January 2001, the average local market house price was the highest it had ever been at £200,000 but by the end of the year it had risen to £245,533  as calculated by the Housing Authority, as rise of 22.7%. This was close to estate agent predictions of £250,000 and compares with the UK's national average of around £100,000.  

The rise in the last quarter of 2001 of £18,000 was the largest in movement in four years. The lower quartile of properties also rose significantly and now stands at £179,750, a rise of £31,600 over the year.

Full employment, a buoyant economy, the lowest interest rates for 40 years and high multiple incomes are fuelling the rise in house prices. To try and counteract this, the IDC approved the development of 400 homes over the year which is above the estimated average of 285 that is needed.

Borrowing increased significantly with the value of Bonds (Registered Charges) recorded in 2001 being £345m compared with half that amount just four years earlier.

Property Sales in 2001

In 2001, a total of 1,414 properties changed hands compared with 1,195 properties sold in Guernsey in 2000.

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