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Average Property Prices on the Up

19/11/15

Property prices in Jersey are steadily rising, with the House Price Index up 2% on the previous quarter.

Figures show house prices for Q3 are also up 6% on the same quarter in 2014.

Up to 296 properties were sold in Jersey in the latest quarter and the average house price on the island is now £453,000.

Dan Edmunds, Statistical Officer at the States of Jersey, said: “Figures have exceeded the previous peak levels for the first time in seven years, both on a rolling quarterly basis and a quarterly basis. This is the first time house prices in Jersey have clawed their way above the 2008 levels.”

All property groups saw a price rise this quarter except for one-bedroom flats which now have a mean price of £212,000, £4,000 down from Q2 this year, but £2,000 more than in 2014. The mean price of two-bedroom flats is now £347,000, £46,000 higher than the previous quarter, and £7,000 than the annual average last year

Mr Edmunds said: “The gap between one-bedroom flats and everything else has increased this quarter. Two-bedroom flats have been slowly creeping up in value, although because of the small number of properties, sales of the occasional penthouse flat for above £1 million can push up mean prices.

“There has been a steady trend upwards for three-bedroom properties and they are up on the previous quarter.  Four bedroom properties cover a really big selection of different housing types, from mansions to properties under £400,000. There has been a bit of a jump but we’d need a few more quarters of data to see what might happen.”

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