Guernsey's Local Market has experienced the largest annual rise in property prices since 2008, according to the latest Residential Property Prices Bulletin from the States of Guernsey.
The average home in the bailiwick now costs £493,174. And a total of 345 Local Market transactions took place in the last quarter of 2020 – 68 more than the prior quarter and 154 more than this time the previous year.
During 2020, there was also the highest number of Open Market transactions since 2006 – 92 in total, with 39 in the last quarter of the year.
According to Skipton International, the high levels of property purchases last year, and steady demand, show a sustained trend for price rises.
Roger Hughes, Business Development Manager of Skipton International, said: “Even with reduced activity during lockdown, the 2020 total of property purchases bonds increased by 8% in comparison with 2019.
"Lockdown caused many people to reassess their requirements for a home – more outdoor area and office space – a trend that will continue for some time.
"This activity not only demonstrates the stability of the local property market but more generally the local economy.”
• To view the Residential Property Prices Bulletin for Q4 2020 click here