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Residential Property in Guernsey

Average Local House Price exceeds £200,000 in 2000

As of the start of January 2001, the average local market house price has exceeded  a staggering £200,000 for the first time as calculated by the Housing Authority. Housing President John Langlois described the finding as astonishing and within days the Housing Authority unveiled proposals to recommend to the States, a setting up of a Housing Association. The chance of buying a property is now out of reach of many people. The average of £200,000 compares with the UK's national average of just £86,196. 

However local estate agents are predicting that the situation can only worsen and some can forsee the £250,000 figure being not too far away. In 1996 the average was £102,000 but by the start of 1999 had risen to £160,600. In 2000 the increase amounted to 15% against an inflation rate of 4%.  Many agents describe the market as difficult because first-time buyer properties in the £150,000 to £250,000 bracket are rising faster than other price brackets.

Full employment, a buoyant economy, relatively low interest rates and high multiple incomes are fuelling the rise in house prices. Many young locally born people are reported to be leaving the island to set up home either in the UK or further afield such as Canada where £75,000 can buy you a substantial property outside of Toronto with a few acres of land. Anyone not employed in the Finance industry is finding it difficult to get on the property ladder.

In 2000, the average price for an Open Market property hit £602,859 and relative to the UK market for comparable properties, represents good value. The most expensive Open market property sold in 2000 was £1,755,000.

Property Sales in 2000

In 2000, a total of 1,195 properties were sold in Guernsey amounting to £273,268,332. Of those 840 were houses, 156 flats, 66 under construction, 41 commercial, 14 glasshouses, 5 other and 73 fields/land. The breakdown by price bracket is as follows::

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