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Watch our experts discuss how the Guernsey market is performing.
Values, trends and forecasts for Guernsey's residential property market
A snapshot of the Guernsey property market
The second largest of the Channel Islands at only six miles long, Guernsey is a pocket-sized isle off the French coast of Normandy, steeped in history and surrounded by crystal blue waters and spectacular rugged cliffs.
The small island offers an easy-going, relaxed pace of life, striking the perfect work-life balance: modern offices and connectivity, combined with the beautiful beaches and outlying islands of the Bailiwick.
The busy cobblestoned streets of St Peter Port have become a gastronomic haven over the years, with over 100 restaurants and bars in the island’s capital. It’s also a paradise for outdoor adventures; kayaking, windsurfing, wild swimming and coasteering are all on offer here, with late afternoon swims and barbeques popular amongst locals, especially in the month of June when it stays generously light until 10pm.
Over the years, the island’s economy has evolved from one with shipbuilding at its heart, into an entrepreneurial, thriving finance industry. Because of this, its Guernsey’s residents are made up of a wide range of people enjoying island life, from entrepreneurs and finance executives to families that have lived on Guernsey for many generations.
Research and insights
Property and rental values across Guernsey.
A desire for more space has played out across Guernsey this year - something that’s also driven the wider UK residential market since the beginning of the pandemic. So far during 2022, two-thirds of Savills buyers were upsizing to a larger property, including many that have relocated from the UK.
LOCAL MARKET
Constrained supply across Guernsey has impacted transactional activity during 2022. There were 18% fewer Local Market property sales during Q3 2022 compared to the frenzied market during the same period in 2021. However, transactions remain 16% higher than the pre-pandemic Q3 average between 2015 and 2019.
Meanwhile, demand for well-presented and appropriately-priced homes remains robust. Consequently, the average price increased by 5.1% in the three months to September 2022. This was 13.5% higher than a year ago, fuelled by historically lower rates of borrowing.
OPEN MARKET
LOOKING AHEAD
In recent months, supply levels have improved, and buyers can now choose from a wider range of properties as potential sellers have taken advantage of the strong run of price growth and have chosen to put their properties on the market. This is likely to change the relative bargaining positions of buyers and sellers. But larger, well-presented properties are still in strong demand, encouraging competitive bidding.
Going forward, rising interest rates and the higher cost of living is likely to put pressure on buyers’ budgets. There are also signs of softening demand from discretionary buyers at the very top end of Guernsey’s rarefied market above £5 million. Therefore, with the prospect of further increases in interest rates over the coming months, realistic pricing will be fundamental to achieving a successful sale.
SIMILAR TRENDS IN THE RENTAL MARKET
Guernsey’s Local rental Market has faced a similar challenge with a rise in demand but low levels of available stock. As such, rents have increased by 8.0% in the year to September 2022, and 27% since the start of the pandemic.
This demand has been driven mostly from professionals, corporate relocators and families. Looking forward, we expect the strong rental growth we have witnessed lately to moderate due the cost of living and inflationary pressures. However, the significant imbalance between supply and demand will continue to support rental values in the short term.
Property sales and lettings in Guernsey
Bringing our expertise in every property sale.
Sold | Aiglemont, St Peters Port
A truly special property sold on the Open Market after attracting competing bids
This rare and sought-after home located on the Fort George enclave boasts some of the most outstanding views of the area, with a panoramic outlook across the ocean.
Sold | St Pierre, St Sampson
A beautifully presented three-bedroom bungalow sold to a local downsizer on the Local Market
This lovely modern three-bedroom bungalow in St Sampson is situated in a quiet residential location towards the north of the island.
Let | Foxfore Cottage, Torteval
A charming character cottage, currently available on the Local Market
Foxfire Cottage is a gorgeous cottage in Torteval brimming with character and situated near to the beautiful local beach.
The property has three double bedrooms, making it the perfect choice for a family or couple, and has a wonderful, well-equipped shaker-style kitchen which complements the rustic interior of stone walls and wooden beams.
The living space is bright and airy, with a working open fireplace that looks out onto the cottage’s enclosed garden.
Let | Solmair, St Saviour
An immaculate bungalow on the sought-after West Cost, recently let on the Open Market
This pristine, three-bedroom coastal bungalow located in the sought-after area of Richmond Corner has a generous kitchen and dining area, with a conservatory and a bright and spacious reception room, making this an ideal property for families or for those that regularly entertain.
