The Guernsey Housing Bulletin for the most recent quarter shows house prices have fallen and it is first time since measuring as mix adjusted purchase prices began that Guernsey has had negative growth.
11.5% fewer transactions were recorded, as compared to the same quarter of 2014, with 116 Local Market transactions which is the lowest number recorded since figures were first reported.
The raw median price (realty only) of the 11 Open Market transactions in the first quarter of 2015 was £795,000 compared with £1,092,500 in the first quarter of 2014 when there were 10 transactions. This is the lowest Open Market median purchase price recorded since 2007.
The Q1 figures are a stark warning to Guernsey vendors that they are not immune from the economy and it is through setting realistic prices that they will achieve sales.