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Four-bed homes now topping £1m

Four-bed homes now topping £1m

Friday 21 February 2020

Four-bed homes now topping £1m

Friday 21 February 2020

The average price of a four-bedroom family home in Jersey has topped £1million for the first time.

Released yesterday by Statistics Jersey, the House Price Index showed that property prices climbed 7% at the end of last year - with hikes in every category.

Rental prices were also found to have shot up by 7% in comparison to the previous year.

Only two more properties were sold during the quarter in comparison to 2018 (1,611), but the type of properties being sold changed. 10% more flats were sold, while house sales dropped by 9%.

The mean price of a two-bedroom house was £491,000, while a three-bedroom home stood at £632,000.

Four-bedroom homes came in at £1,051,000, which was around £144,000 higher than the previous quarter and £86,000 higher than the annual average in 2019.

The figures showed that Jersey's 'average' house price - £537,000 - was still outstripping all areas of the UK, and London, where it is £478,000.

Overall, Statistics Jersey found that housing affordability had decreased, with a households on an 'average' earnings now having to fork out more than 40% of their income  to service a mortgage on a median-priced house of any size.

Read the full report by clicking here.

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