In 2011 permission was given for the creation of 300 new homes, through new builds, converting pre-existing property into smaller units of accommodation or by converting other buildings into dwellings, but only 230 were created.

BBC: Guernsey housing survey finds lack of new homes

While the big firms are likely lining their own pockets by doing so, Shiller says they are also doing a service by converting a chunk of the existing housing stock from (potentially underwater) owner-occupied to rental units.

FORBES: Case And Shiller Say Housing Is Better, Not Back To Booming