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

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.

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…