Skipton welcomes "positive quarter" for property market

Monday 26 February 2018

Local mortgage provider, Skipton International, has welcomed a successful end to 2017 for the property market, as the latest figures from the House Price Index Report show the Index increased, for the fourth consecutive year, in 2017 by 3%.

Property prices continued to rise across all types of property in the final quarter of 2017, with average house prices increasing by 3% from the previous quarter. House prices were up by 4% in comparison to the last quarter of 2016, despite turnover having slightly dropped.

Lorraine Mclean, Mortgage Sales Manager, Skipton International said: “We view this as a positive quarter for the property market as there is clear evidence that people have great confidence and are willing to buy. It was an encouraging end to the year, especially coupled with record highs from employment figures, leaving people in a very good position to invest in property.
 
“We have continued to see increased demand for mortgages into 2018, but don’t wish to see prices continue to rise beyond the rate of inflation.” 

Long term trends show Jersey property prices having peaked in 1989, 1998 and 2008, with annual price increases being more than 20%. These highs were closely followed by sustained periods of decline in the Index and in average home prices. 2017 was the fourth year the Index has increased, following four years of decline.