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.”
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