Sunday 26 June 2022
Select a region
News

Average home price shoots up by nearly £100k in a year

Average home price shoots up by nearly £100k in a year

Thursday 19 August 2021

Average home price shoots up by nearly £100k in a year

Thursday 19 August 2021


Several property types hit their highest ever prices in June, while the 'average' home shooting up to £629,000 - around £100,000 more than at the same point last year.

The 18% price hike was documented in new figures released today by Statistics Jersey. They also showed number of properties that changed hands in the second quarter of this year was 134% higher than at the same point in 2020 and 47% higher than in the previous quarter.

A total of 472 properties were sold between March and June - more than double the number sold in the same quarter last year, corresponding to an additional 270 properties. It was also 47% more than in the previous quarter.

The majority of the transactions (40%) involved properties over £1.3m.

download.png

Pictured: The average property price in the second quarter was £629,000, 18% more than last year.

All property types saw their prices increase, with several reaching their highest mean price to date in the previous quarter.

One-bedroom flats reached £315,000, £21,000 more than in the previous quarter. 19% of those sold in the second quarter were worth between £300,001 and £325,000.

Two-bedroom flats reached just under half a million (£494,000) after a £35,000 price jump. 28% sold between £410,001 and £455,000.

The mean price for two-bedroom homes reached £566,000, £34,000 higher than in the previous quarter, with 24% selling between £460,001 and £520,000.

Three-bedroom houses also reached their highest mean price seen to date, £806,000, nearly £100,000 more than in the previous quarter.

 A quarter of them sold for prices between £600,001 and £680,000.

Four-bedroom homes topped £1,277,000, £143,000 higher than in the previous quarter and the highest mean price for this property type recorded to date.

housing_prices_comparions.png

Pictured: The mix-adjusted average price for Jersey is greater than anywhere in the UK.

Calculated using the methodology implemented in Guernsey, the mix-adjusted average price of properties sold in Jersey in the most recent quarter was £699,000.

This figure is £193,000 higher than the mix-adjusted average price of Local Market properties sold in Guernsey of £506,000.

The mix-adjusted average price for Jersey was greater than that of London and more than twice that of the UK and England.

LISTEN...

In this week's Bailiwick Podcast, Express discussed the role of housing trusts, what they need to succeed and whether the island is experiencing a housing crisis or not with Jersey Homes Trust Chair of 25 years, Michael Van Neste...

The Housing Issue

Subscribe to Bailiwick Podcasts on Spotify, Apple Podcasts, Deezer or Whooshkaa.

Sign up to newsletter

 

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.

Posted by Private Individual on
What a great job Jersey's government is doing for the people of Jersey.

The kids have no chance of getting onto the housing ladder.
Posted by Jon Jon on
A bang will come one day in this Island for sure, then property will be down like a stone
Posted by John Sheen on
The solution is simple - get surveyors regulated then they can independently value properties first before home owners instruct an estate agent, who are all competing for whatever business there is at the moment
Posted by john garner on
Which explains why my postman is selling up here and moving to Lincolnshire and putting 500k in the bank ......btw it isnt Charlie Parker
Posted by Scott Mills on
Yeeeeeeeeeeeeeeeeeeeeeeeeeee haaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa. lovely bit of news this, especially for the non domicile property owners, gotta love them, they've done exactly the same in cornwall and devon, Jersey has now caught up and will overtake them. Global leader is our Jersey, especially our lovely beaches. Bit of advice for the kids out there, use Jersey to save up a shed load of money, then move away to buy a house outright, with lots of spare change. Jersey's had it's day, no culture, no fun, no camping, just no no no no no no. There's a whole big world out there. Kids now are better off buying (buy to let) in england £100k for 3/4 bedroom victorian house for example in midlands/north. Tenants would pay that off for you in 15/20 years, if not sooner. Boom!!!
Posted by Dave Mathews on
Wages are not keeping up with these figures so it actually doesn't make any sense.
Posted by Danny Moisan on
as a house owner, I should be jumping for joy but i'm not! I think our grand children will be known as "generation-renter"
Posted by Private Individual on
It makes a lot of sense as it's the outside speculators driving the prices up for greater returns in rent than they would for their money in the bank. Let's see the stats of how many were local families who bought houses for homes, not for profit.
Posted by Glen Rayner on
It’s not outside speculators. It’s locals buying flats as investments. Exploiting other locals and non-locals alike, rinsing them in the rental market
Posted by Private Individual on
Glen, you are correct, in both cases, this should be stopped. There is no reason why first-time buyers and affordable housing should be sold to outside investors or local people as a second home or investment.

That is what the open market is for.

The question that needs to be asked is why is this still allowed as it has been going on since the beginning of time!
Posted by Glen Rayner on
Private individual. Agree with you 100%. I feel that as it’s been going on so long, the government don’t actually know how to put a stop to it.
To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?