Jersey House Prices On The Increase
Monday, 24 September 2007
8% increase in house prices
The States of Jersey published the Jersey House Price Index for the second quarter of 2007.
The headlines are:
- The average price of dwellings sold in Jersey in the first half of 2007 was about 8% higher than the first half of 2006;
- house prices in particular have seen a greater rate of increase than in previous years, with 2 and 3 bedroom houses up by about 10% on the first six months of 2006;
- flat prices have remained essentially static over the last 3 years;
- the average (mix-adjusted) price of dwellings sold in Jersey during Q2 2007 was £388,000;
- on a quarterly basis the average price increased by 5% between the first and second quarters of 2007;
- turnover of properties in Q2 2007 was at a similar level to the average quarterly turnover seen in 2006.
At Slomans we have continued to experience a buoyant market and increase in the price achieved for properties, including on occasion, properties going for over their asking price.
Whilst the House Price Index reports a static or decreasing market in flat prices, it is important to note that this is based on quarter on quarter comparisons and does not include share transfer apartments which make up 3/5 of the flat market. In our view the flat market is also buoyant and prices have increased over the past year.
