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The price of buying an 'average' family home has hit a record high over over £600,000.
According to the latest House Price Index report by Statistics Jersey, three-bedroom homes weren't the only to reach a high in the first quarter of this year, with two-beds standing at £482,000.
In fact, all property types - except four-bedroom houses - saw an increase in mean price compared with the previous quarter.
The recently-released figures show that the 'average' property price has increased by 2% compared to 2018 and now nears half a million at £499,000.
The mean price of one-bedroom flats sold in the latest quarter was £255,000, following the largest increase recorded in the latest quarter (7%).
Pictured: All property types - except four-bedroom houses - have seen an increase in mean price compared with the previous quarter.
Two-bedroom flats sold went for a mean price of £413,000, which was around £13,000 higher than in the previous quarter and £17,000 higher than the annual average of 2018.
Both two-bedroom houses and three-bedroom houses saw their prices increase to record highs - at £482,000 and £605,000 respectively. Three-bedroom houses recorded the lowest number of transactions since the second quarter of 2013.
The mean price of four-bedroom houses - £924,000 - was the only one to see a decrease with £4,000 less than in the previous quarter. It was however £11,000 higher than the annual average for 2018.
Pictured: A summary of the figures released in the latest House Price index.
The turnover of properties was essentially at the same level as in the first quarter of 2018, but was a third lower than in the previous quarter (Q4 2018).
Overall housing market activity, measured on a rolling four-quarter basis, was 1% higher when compared with the previous quarter (Q4 2018) and 13% higher than in the corresponding quarter of 2018.
On a rolling four-quarter basis, advertised private sector rental prices increased by 4% during first quarter compared to 2018.
The news comes as a new report showed a need for improved key worker accommodation in Jersey.
A report on key worker accommodation has been published - the report examined the suitability of current key worker housing and set out potential solutions to address staff recruitment and retention pressures faced by a number of government departments. https://t.co/BcP5Ru8Otr pic.twitter.com/Q80tU0KK7h
— Government of Jersey (@GovJersey) 24 May 2019
The £24,950 report by Altair, released last week, said that being able to attract essential workers to areas such as health meant addressing the following:
Senator Sam Mézec, Housing Minister, commented: "I welcome the release of the report on key worker housing. The high turnover of staff in some areas of teaching, and health and social care, has been a cause for concern in Jersey and the cost and quality of accommodation has been cited as one of the factors contributing to it.
"This report has explored these issues and will now help us to develop options to attract and retain high-quality professional workers."
READ MORE...
The full House Price Index report
The full report on Key Worker Accommodation
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