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All-time high prices don’t deter home buyers

All-time high prices don’t deter home buyers

Thursday 19 November 2020

All-time high prices don’t deter home buyers

Some Jersey house prices might have hit an all-time high, with an ‘average’ family home now costing around £690,000 – but that hasn’t stopped the appetite for buying.

The number of homes being sold through the Royal Court in the last quarter was more than double that of the previous quarter, according to new figures from Statistics Jersey.

Their House Price Index report shows that in Q3 2020, 438 properties were sold in Jersey, 117% higher than the previous quarter - although it states “a degree of caution” is required in direct comparisons between quarters due to seasonal variations. However, even when compared to the corresponding 2019 Q3, it shows a 16% increase in turnover. 

In addition, the overall housing market activity in Q3 2020 was more than double Q2 2020.


Pictured: The amount of housing transactions increased by double between quarters 2 and 3 of 2020.

Looking at the price of homes in Jersey, on a rolling four quarter basis, there was a 1% increase in average price of dwellings compared with the previous quarter.

Two and three-bedroom houses, and one-bedroom flats saw their highest mean prices to date in this quarter. 

The mean average for one-bedroom flats in Q3 was £289,000, a £21,000 increase on the previous quarter and £28,000 higher than the same quarter in 2019.

Two-bedroom houses were also up on the previous quarter, now averaging £538,000, as were 3-bedroom houses, at £687,000. 

Prices weren't up in all categories, though.

The price of four-bedroom houses fell to £955,000, which was £112,000 lower than the previous quarter.

Similarly, two-bedroom flats also saw a fall of £17,000 from the previous quarter, with a mean average £422,000. However, compared to Q3 2019, there was still a £9,000 increase.

Overall, the report found that average Jersey house prices are more than double those of UK homes, with Jersey’s £533,000 average 121% higher than the UK’s average of £241,000.


Pictured: Jersey's house prices were higher than every region in England.

Even England's highest priced area, London, was £42,000 cheaper than Jersey’s average. 

Reacting to the latest statistics, Lorraine McLean, Sales Manager at mortgage provider Skipton, said that, perhaps surprisingly, covid-19 had stimulated the local property market.

“The pandemic and recent lockdown have no doubt forced people to reassess what it is they want from a home," she explained.

"People are now looking for more outdoor space, an extra bedroom or room for home offices following the experience of home schooling and the introduction of flexible working arrangements.”

CLICK HERE to read the full report.

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Posted by Dave Mathews on
These prices are of no benefit to young people who want to settle here. This will end with families breaking up and only the very wealthy who can afford to buy for their children will stick around here.
Posted by Keith Marsh on
It seems that still Jersey will not learn from past mistakes.
The Island needs starter homes, not flats, that are suitable and affordable for a young family ~ they are cheap to build, its just that landowners are asking so much for plots, developers cannot cope with basic housing estates.
TIME for a change.
Posted by Private Individual on
Why have the States not started an investigation as to who is buying these properties and is the beneficial owner?

These prices are being driven up by investors buying property as they are getting nothing for their money in the bank. The real figures should be shown as to how many local people are actually buying these properties along with the 700 + essential employees who were given housing qualifications this year.

This is a scandal and the states are doing nothing about it to protect the local population against this type of activity.
Posted by Steven Simon on
This is nothing new, has been going on for years. Feel sorry for youngsters, they probably gonna have no chance of buying. States can keep building for the youngsters who might be better off not worrying about buying just rent let the States pick up the bill?
Posted by john garner on
Is the sample of sales large enough to compare from one quarter to another ?...Some quarters include numerous new build blocks of flats which sway the statistics
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