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Jersey house prices exceed 2008 levels for first time in seven years

Jersey house prices exceed 2008 levels for first time in seven years

Thursday 19 November 2015

Jersey house prices exceed 2008 levels for first time in seven years

Property prices in Jersey are steadily rising, with the House Price Index up 2% on the previous quarter.

Figures show house prices for Q3 are also up 6% on the same quarter in 2014.

Up to 296 properties were sold in Jersey in the latest quarter and the average house price on the island is now £453,000.

Dan Edmunds, Statistical Officer at the States of Jersey, said: “Figures have exceeded the previous peak levels for the first time in seven years, both on a rolling quarterly basis and a quarterly basis. This is the first time house prices in Jersey have clawed their way above the 2008 levels.”

All property groups saw a price rise this quarter except for one-bedroom flats which now have a mean price of £212,000, £4,000 down from Q2 this year, but £2,000 more than in 2014. The mean price of two-bedroom flats is now £347,000, £46,000 higher than the previous quarter, and £7,000 than the annual average last year

Mr Edmunds said: “The gap between one-bedroom flats and everything else has increased this quarter. Two-bedroom flats have been slowly creeping up in value, although because of the small number of properties, sales of the occasional penthouse flat for above £1 million can push up mean prices.

“There has been a steady trend upwards for three-bedroom properties and they are up on the previous quarter.  Four bedroom properties cover a really big selection of different housing types, from mansions to properties under £400,000. There has been a bit of a jump but we’d need a few more quarters of data to see what might happen.”

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