Jersey Property Prices 13% Increase In 2007
Wednesday, 21 May 2008
average price of 3 bed houses sold in Q1 2008 exceeded half a million pounds
The Jersey House Price Index for Q1 2008 was published today. The headlines are:
- in the first quarter of 2008, the average price of dwellings sold in Jersey was more than a quarter (28%) higher than the average in Q1 2007;
- the average price of 3 bed houses sold in Q1 2008 exceeded half a million pounds (£510,000);
- the average price of 2 bedroom houses was about a fifth higher than a year earlier, whilst 3 and 4bedroom houses were more than a quarter higher;
- the average prices of 1 and 2 bedroom flats sold in Q1 2008 were substantially higher than that seen in previous quarters, largely as a result of new developments coming onto the market;
- the average (mix-adjusted) price of dwellings sold in Jersey during Q1 2008 was £474,000;
- average turnover of properties (seasonally adjusted) in Q1 2008 was similar to the quarterly average seen throughout 2007.
In considering prices, longer term analysis is generally more informative than looking at movements between specific quarters. The Jersey House Price Index was essentially flat during 2002 and 2003, increased at a rate of around 3% per annum in both 2004 and 2005, at about 6½% in 2006 and at 13% in 2007 on a year-on-year basis.
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