House Price Index Nov 07
Monday, 04 February 2008
Average price of homes on increase.
The States of Jersey have published the Jersey House Price Index for the third quarter of 2007 (21 Nov 07).
The Headlines are:
- The average price of dwellings sold in Jersey in the third quarter of 2007 was more than a sixth (18%) higher than that for 2006;
- house prices in particular have seen a greater rate of increase than in previous years, with 2, 3 and 4 bedroom houses each up by about a fifth on their respective averages for 2006;
- flat prices have remained essentially static over the last 3 years; though there is an indication that the price of 1-bedroom flats has risen more recently;
- the average (mix-adjusted) price of dwellings sold in Jersey during Q3 2007 was £421,000; on a quarterly basis the average price increased by 9% between the second and third quarters of 2007;
- turnover of properties in Q3 2007 was at a similar level to the average quarterly turnover seen in 2006 and in the first half of 2007.
At Slomans we have continued to experience a buoyant market and increase in the price achieved for properties. Whilst the House Price Index reports a static 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.
