Jersey Property Market Update25/02/16
Jersey Property Market Update
The latest Jersey House Price Index figures are out and reveal that Jersey house prices have climbed back up to their previous peak, last seen in 2010 before the global recession.
Over the course of 2015 house prices rose by up to 4% and there was a 7% increase in homes being bought and sold.
No wonder we have been so busy here at Le Gallais!
The latest figures revealed that three and four bedroom houses topped their previous highest price. The biggest house price rise was for four-bedroom houses, which saw a £12,000 increase in price between Q3 and Q4 of 2015.
Last year the average price of a property that sold was £456,000 and in total, 1254 properties were sold in Jersey in 2015.
Read the full report here.
If you are looking to move this year the good news is that lenders have reduced their interest rates in an attempt to remain competitive.
A range of mortgage options remain available to provide you with the best opportunity to get your foot on the property ladder.
We recommend that you speak to a local mortgage provider to find out more.
The Base Rate
Another year has passed without any sign of The Bank of England increasing the base rate from 0.5%. Although market experts predict a rise at some point in the future it is not possible to say when we are likely to see this, so for the time being it will continue to remain at 0.5%.
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