Local market house average falls to £330,500

LOCAL market properties have dropped in price, according to figures released by the Policy Council.

Its quarterly bulletin said that from September to December, the average price dropped by 4.1% with an annual fall of 3.4% to £330,500.

However, the moving average, which eliminated seasonal blips, showed a decrease of just 0.9% from the previous quarter.

And the number of properties sold went up by more than a third from the same period in 2008.

Cooper Brouard director Trevor Cooper (pictured) said care had to be taken when interpreting such volatile trends as seen on the open market, with wide ranging sale prices and a small number of transactions.

Both median and moving averages were used in calculating the figures, he said, but the latter suggested less fluctuation in house prices over the last 12 months and closely reflected local market activity.

'In essence, the report illustrates a reassuring stability in local and open market house prices during severe economic conditions.

'Current trends suggest an increased number of sales ahead, aided not least by the improved availability of mortgages,' he said.

• Read the full story in the Guernsey Press. See below for subscription details.