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Average cost of houses in Guernsey reaches £428,000

The average cost of a house is £427,893 Credit: Joe Giddens/PA Wire/PA Images

The average cost of a house in Guernsey now stands at almost £428,000.

That is an increase of £17,000 compared with prices for the same time last year.

According to the offshore bank, Skipton International, they say the island is experiencing an increase in market activity with a total of 228 property transactions taking place last quarter.

They say that it was homes in the £300k-£399k bracket that enjoyed the strongest growth.

Despite high property prices in the island, the head of Skipton says growth in the market is encouraging.

Whilst property prices have risen, it is not significantly ahead of median salary growth, meaning that the affordability challenge is not significantly widening for aspiring property purchasers. This buoyant market is in part the result of more lenders adjusting their criteria and rates, developing a more competitive lending environment and hence we are seeing average loan values slowly rising.

– Jim Coupe, Managing Director of Skipton International