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FOCUS: How much will it cost me to buy a home in Jersey now?

FOCUS: How much will it cost me to buy a home in Jersey now?

Thursday 18 August 2022

FOCUS: How much will it cost me to buy a home in Jersey now?

Thursday 18 August 2022


The average price of a ‘typical family home’ has dropped by £45,000 – but the cost of all other types of property have shot up in the past three months.

In fact, the prices of one- and two-bedroom flats and two-bedroom homes hit record levels.

So far this year, 766 homes have changed hands this year – slightly fewer than at the same point last year.

The latest figures feature in the latest House Price Index produced by Statistics Jersey. Here are the key stats...

One-bedroom flat

£353,000 

That’s £14,000 higher than in the first part of this year, and the highest price seen to date.

Following a sharp increase in mean prices in early 2008, the remainder of 2008 and 2009 saw the mean price remain relatively stable around £230,000. 

During 2010 and 2011, the mean price then decreased due to an increase in the number of lower priced share transfer properties being sold at the time. However, prices have steadily risen since then and last year’s average was £322,000.

Overall, 353 one-bedroom flats have been sold in the last quarter, slightly more than January to March when 339 were sold.

 

Two-bedroom flat

£536,000 

Another record-breaking figure, with mean average prices having gone up by £17,000 compared to the first part of this year. 

It’s quite a jump from 2021, when the annual average price was £487,000. 

Slightly more were sold in the second quarter of this year compared to the first – 536 compared to 519.

 

Two-bedroom house 

£664,000 

Back in 2008 to 2010, two-bedroom houses were usually priced between £400,000 and £410,000. The mean price of the property then started decreasing, dropping as low as £371,000 in 2013.

But, in the latter part of 2014, the trend reversed: the mean price went over £400,000 for the first time since early 2011.

Today, the average stands at £664,000 - £58,000 higher than the first part of this year, and the highest price seen to date. 

Nearly 60 more of this type of property were sold in quarter two of this year, with 664 compared to 606 changing hands.

 

Three-bedroom house

£853,000 ↓ 

Unlike smaller builds, this type of property actually decreased in mean average price – dropping by £45,000 in the first part of this year to £853,000.

The price of three-bed homes – often referred to as a ‘typical family home’ – has varied greatly in the past decade-and-a-half. 

After a period of considerable increase from 2006 to early 2008, the mean price remained relatively stable until 2011, at between £510,000 and £520,000. 

At the end of that year, however, the mean price of this property type fell below £500,000 for the first time since 2007.

But 2019 saw the mean price rose above £600,000 and has since continued to increase, with the annual average in 2021 being £803,000.

Fewer of this type of property changed hands in the second quarter of this year compared to the first – 853 compared to 898.

 

Four-bedroom house 

£1.3m 

The price of this type of property rose by £163,000 compared to the last quarter to £1,329,000. 

The higher prices didn’t seem to put off buyers – 1,329 of this type of home were bought and sold compared to 1,166. 

Between 2008 and 2015, the average price lingered above £700,000, before topping £800,000 in 2016, £900,000 in 2018, and then going over one million in 2019. 

The average across the whole of last year was £1,256,000.

 

What if I move across the water?

House prices seem to be going up across the water too – but not by as great an amount.

At £686,000, Jersey’s mixed adjusted average price was still greater than London and twice than the UK and England.

The average price of a London home was £530,000, £321,000 in the South West, £212,000 in Wales, £189,000 in Scotland and £169,000 in Northern Ireland.

Across the UK, average house prices were 11% higher than in 2021.

Statistics compiled by the States of Guernsey – which uses slightly different methods to calculate average prices – showed that the average price of a home sold on the island in the last quarter was £750,000.

This was 4.5% higher than the previous quarter, and 18.5% higher than at the same point in 2021. Turnover was, however, 21% lower than at the same point in 2021. 

 

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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.

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Posted by Jon Jon on
With a recession looming and maybe a prolonged one,interest rates increasing virtually every month,cost of living extremely high the housing market will slow down,prices in this Island are ridiculous and a bang one day will happen.Some will burn their fingers having paid far to a price.We all know property has little value unless your selling it.
Posted by Scott Mills on
sell now and leave the island. Many have, are and will be doing. The rats left about 5 years ago.
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