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Lower rates of house price rises could be better for Jersey’s long term growth according to one of the Island’s mortgage lenders.
Skipton International has welcomed the latest house price figures as a sign the market is growing steadily.
Figures for the third quarter of 2016 show the highest turnover of properties a quarter in a decade, with 389 properties sold compared to 296 during the same period last year. Market activity is 18% up on the second quarter of 2016, and 34% up on the third quarter last year.
The average house price in Jersey is £468,000, unchanged from the previous quarter.
Lorraine McLean, Mortgage Sales Manager, Skipton International, said: “It’s good to see house prices in Jersey rising at more modest levels, that are closer in line with affordability for first time buyers and many families. A large price rise could result in the extensive affordability gap getting wider, and that is not in the long term interest of most islanders.”
Skipton International is one of Jersey’s largest providers of new residential mortgages and the Channel Island-registered bank is seeing strong demand from first time buyers through the whole housing market.
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