1. Your market
2. Property Profile
3. Property values across Guernsey
4. Recent sold and let properties across Guernsey
5. National Coverage
6. Our service to you

Your market

The experience of lockdown has caused many to reassess their work life balance. And Guernsey, with its stunning coastline, lush countryside and strong sense of community, has become an even more desirable destination for those looking to embrace a new lifestyle.

The property market in Guernsey has seen no let-up in demand from potential buyers. So much so that a shortage of properties has resulted in fewer sales in Q3 2021.

Activity levels in the Local Market have dropped off slightly since the summer, but it’s still a very active market. Prices appear to be stable, driven by a lack of stock. There were 285 Local Market transactions during the third quarter of 2021 – 12 fewer than the previous quarter, but eight more than the same period in 2020.

The Open Market, meanwhile, is the busiest we’ve seen in 15 years. That’s partly driven by pent-up demand, as people were not able to get to the island during a large part of 2020. We had 36 Open Market transactions in the third quarter of 2021 with a median price of £1,345,500, compared with £1,222,250 and 20 transactions in the third quarter of 2020.

Interestingly, many recent Open Market transactions below £1.5m have been to locally qualified applicants who are driven by a lack of stock. This has freed up Local Market properties to those looking to upsize.

Guernsey is self-governing and has been put on the global stage due to its acknowledged competent handling of the pandemic. Combine that with a low tax jurisdiction, good quality of life, and a similar education system, rules and regulations to the UK, and Guernsey is an attractive option for many high net worth individuals, particularly from the UK, as we are only 45 minutes away from London by jet. We expect demand in both the Open and Local Markets to remain strong throughout the rest of this year and into 2022.

We’re very much in a sellers’ market at the moment, but setting a realistic asking price from the start will be key to maintaining momentum as we move into 2022.

So, whether you are thinking of selling your home or buying, renting or letting, we’d be delighted to talk to you.”

Property Profile

Factors shaping the Guernsey market

PROPERTY VALUES ACROSS GUERNSEY

A resilient economy and changing lifestyle priorities boost price growth

The Guernsey residential market saw its strongest year for a more than a decade in 2020. Supported by ultra-low interest rates, a resilient economy and a general refocus on the home, Local Market annual house price growth last year reached 11.8%. Transactions in the Local Market reached their highest levels seen since 2007, and in the Open Market, volumes not seen since 2006.

Momentum has continued into 2021. The average mix-adjusted Local Market house price topped £500,000 for the first time. Price growth has gone hand in hand with an increase in transaction numbers, with 874 transactions in the Local Market first ten months of the year, up 10% on the same period in 2020.

Local Market rents also broke a barrier for this year; exceeding £1,500 per month for the first time, driven by a general shortage of rental stock. Rental values increased by 16.3% in the first nine months of 2021.

The Open Market has also enjoyed renewed interest and activity, thanks to Guernsey’s attractiveness as a safe place to live that offers residents a high quality of life. As of October 2021, the Open Market had recorded 105 transactions, already more than was seen in the whole of 2020.

Will growth continue? Recent price growth has only further squeezed affordability, and this, coupled with the prospect of interest rate rises, may act as a cooling factor. Nonetheless, the island economy has emerged relatively unscathed from the pandemic, Standard & Poor forecast GDP growth of 3.8% by the end of 2021. Trends seen during the pandemic: particularly the desire for more space, will continue to drive demand. Set against reduced levels of stock, price growth is likely to be sustained in the near term.

LET ROUTE DE LA LAGUE, TORTEVAL

A young family found a home and a community in a charming apartment block

Recently, a family moved to the island to work in the healthcare sector and we were helping them with their property search. They had viewed a few different properties but struggled to find one that suited them. When we showed them around this apartment with their charming three-year-old daughter in tow, they fell in love with the beautiful views from both the property and the patio garden. The family ended up having tea with the neighbours in the sunshine and, when the time came, the neighbours were very happy to welcome them as new residents of the apartment block.

SOLD LA ROUTE DES PAYSANS, ST PIERRE DU BOIS

A traditional farmhouse sold for 102% of the asking price

This Local Market farmhouse near Guernsey’s west coast was one of the most beautiful farmhouses I’ve seen on the market. It was in good condition but could have benefited from some cosmetic updates or, for a buyer looking for a project, a full renovation or extension. Evidently, many potential buyers valued its current beauty – or potential – and within a relatively short amount of time, we received multiple competing bids. It sold for 102% of the £1.595 million asking price. While the buyer figures out how they want to transform the interior, our lettings team will assist with renting it out in the short term; creating an income stream to help fund any future works.

SOLD ROHAIS DE HAUT, ST ANDREW

An impressive period home starts a new chapter in its history

Situated in the Rohais de Haut, this striking property has an equally striking history: being once the home of author Desmond Bagley and his wife Joan. The property is conveniently placed for easy access to both the Town and some of Guernsey's most popular beaches, offers extensive family accommodation including a home office and studio, a large indoor swimming pool and a health suite, as well as beautiful landscaped gardens. Clearly, for the right buyer it offered the ample inside and outside space and lifestyle that many have been searching for on the island. It sold for just shy of the £4.95 million asking price in the early autumn, which shows how strong the market is performing across all price bands.

National coverage

Activity influcencing the wider Guernsey market

Our service to you

The right buyer or tenant for your property may already live in Guernsey. Often, they’re moving here from other parts of the UK in search of the high standard of living and sense of community that the island offers. Wherever they may be coming from, we'll help them find your property.

Thanks to Savills global network of offices, your property is visible across the Channel Islands, the UK and internationally. Each of our offices is dedicated to its local market and understands its attraction and unique features. And once you’ve sold or let your property, we’re here to help you move on to the next stage of your journey.

Even if you are not looking to move or let soon, we are happy to provide a free appraisal of your property. Our virtual options are still available if you prefer.

Further information

Contact Guernsey Office

Visit the Savills Home Truths homepage to register for upcoming webinars, watch past recordings and read property briefings from our local market experts.