Le Rimonet at Rue de la Lague, St Peter’s, made the front page of the Guernsey Press when it went up for sale with Savills in April 2024.
The site, three-quarters of an acre in size, was described by the estate agents as ‘a rare opportunity’ though it was also admitted that the property on it would need to be demolished.
At that asking price, per acre the site worked out more expensive than St George, the island’s most expensive residential property sale ever, which went through in April 2024. The asking price dropped to £1m. last December.
The sale comes as Guernsey’s latest property bulletin revealed that the average purchase price for local market properties transacted during the first quarter of this year was £604,094.
This is 1.4% higher than the previous quarter and 4.1% higher than the first quarter of 2025. The average was 18.5% higher than five years previously.
The 28 open market transactions over the period averaged £1.49m., down from £1.91m. in 2025. With another 11 sales having gone through in April, 17 of the 39 properties sold this year have gone to new arrivals to the island.
There were 163 local market transactions during the first quarter of 2026, which was 83 fewer than the previous quarter and three fewer than the first quarter of 2025. Five years previously, in the first quarter of 2021, during the Covid lockdown, there were 167 transactions.
A further 126 conveyances were passed in April, including boundary line changes, 54 of them in one court sitting before the bank holiday at the end of the month.
The four-quarter rolling average time between a local market property becoming available for purchase and its subsequent sale was 284 days for properties purchased in the first quarter of 2026, compared with 251 days in the first quarter of 2025, and 207 days for the same time in 2021.
And on average the final sale price was 8.4% lower than the maximum advertised price, consistent with last year but far outstripping the 3% differential from five years ago.
One in 14 local market purchases over the period had been built in the previous 12 months, a figure much improved on 2025 and 2021.
‘For the most part, Guernsey’s housing markets have continued where they left off at the end of 2025. It’s been a fairly steady start to the year and despite wider geopolitical tensions confidence has remained relatively robust – albeit there’s a clear focus on value and affordability,’ said Nick Paluch, director in the residential sales team at Savills Guernsey.
He said that values in the local market were broadly stable, but there was a considerable uptick in movement in the open market.
‘The island lifestyle remains hugely attractive and where pricing has aligned with expectations we’ve completed several deals. We’ve even seen some activity coming out of Dubai for those wanting to be closer to UK soil.
‘Guernsey’s appeal as a place to live and do business is ever important and will maintain our position internationally.’
The most expensive property sold in Guernsey last month was La Marette in Rue Des Marettes, St Martin’s, which sold for £10,042,500. Another property at Jerbourg in St Martin’s, sold with surrounding fields, fetched £4.38m.
The Guernsey averages are in contrast to those in Jersey, where latest data has indicating a decrease of almost a fifth since the residential housing market peaked in 2022.
The House Price Index for the first quarter of this year, published by Statistics Jersey, showed that the average price of island dwellings sold over the year to 31 March was 5% lower than in the corresponding quarter of 2025.
Prices of residential property in Jersey peaked during the third quarter of 2022, when an average price of £713,000 was recorded, subsequently falling back by 18% in the three-and-a-half years since to a figure of £597,000.
The index measures the average cost of dwellings in Jersey by combining the average price of one-and two-bedroom flats together with two-, three- and four-bedroom houses.
Jersey’s official statistics indicate that a two-bedroom house would set a resident back an average of £471,000, and a two-bed flat £506,000.