House price recovery short-lived?

Friday 22 May 2015

Months ago it looked like the five-year property price slump was over, but now the most recent figures show a 1% drop over the start of the year.

Figures released this morning show that the last 12 months have seen an increase of 2% in property prices, but that if you just measure the last three months, they’ve gone down by 1%.

The stats are recorded in the quarterly House Price Index, which shows that property prices in Jersey are more or less back to where they were in the middle of 2009.

The most recent figures for January to March show that:

• One-bedroom flats had dropped £16,000 to £201,000.
• Two-bedroom flats had dropped £6,000 to £335,000.
• Three-bedroom houses had dropped £2,000 to £524,000.
• Four-bedroom houses had dropped £5,000 to £707,000.

The figures also show that it looked as though the rate of transactions was improving – the figures were fairly flat, but analysts say that if you take into account the stamp duty rise and the smaller number of court sittings, it appeared that the trend was that more properties were going through.