Select a region
House prices have reached new heights in Jersey, with the average price of a two-bedroom flat now standing at £460,000 and three-bedroom homes going for £710,000.
The figures were contained in a new report by Statistics Jersey, which recorded an overall 9% increase in house prices in the first quarter of 2021 compared to the same point last year.
Pictured: From 2002, three bedroom houses have gone up in price from under £400,000 to over £700,000.
The report said that the average cost of three-bedroom houses - once considered an average family home - had jumped to £709,000 in the latest quarter, which was £22,000 higher than the previous quarter in Q4 2020. It was the "highest mean price for this property type recorded to date.”
Two-bedroom flats also hit their highest price to date, reaching £459,000 on average, £19,000 more than the previous quarter.
However, the average prices of other types of properties went down in comparison to the previous quarter:
Jersey’s overall average price of properties remained considerably more than nearby jurisdictions.
Using Guernsey's methodology to compare, the overall average for Jersey properties was £118,000 more than local market price properties solid in Guernsey, with Jersey sat at £628,000 and Guernsey £510,000.
House prices in Jersey also outstripped London and were more than twice that of the UK and England, with England’s average figure for the first quarter sitting at £253,000, compared to Jersey’s equivalent of £574,000.
Pictured: On a rolling four-quarter basis, the total activity of the Jersey housing market during the year ending Q1 2021 was 4% higher compared with the year ending Q4 2020.
The index recorded a total of 322 sales in the first part of this year - 135 fewer than the previous quarter.
However, compared to the corresponding quarter from 2020, it was still an increase of 8%.
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.
Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.
It took me 8 months to open a business bank account, and I am from the island. The island is run like the gestapo with more rules and regs than North Korea.
Compare the UK to Jersey, and there are some really nice homes to buy in nice locations. Yes we have a low crime rate, I should think so with the amount of money that is in the island to pay for it.
A lot of Jersey born people have left the island or are leaving, and even families who have been in Jersey for generations. Its a real shame that this Island is governed the way it is, it needs a real shake up. Its amazing place, but its got many negatives, one is affordability, and if you cant afford to live here, there is no point in Jersey to start with.
Perhaps the Global Minimum rate of corporate tax is what is needed to change Jersey for the better in the long term.
Property prices and rental costs have gone up exponentially, salaries have not. The mortgages that were offered years ago are no longer available, and people are forced to save at least 40k while paying a rent and COL higher than elsewhere.
If you're remembering working that much when /you/ got a morgage, now imagine that the property was several hundred thousand more expensive and additionally, you needed to manage to save potentially double your annual salary to get a deposit.
I wonder how much longer it's going to be before the government hires a consultant to tell them why young people are moving away?