Latest Jersey House Price News
Wednesday, 13 August 2008
there has been an 18% increase in the first two quarters of this year
Today sees the States of Jersey publish the Jersey House Price Index for the second quarter of 2008.
· Quarter on quarter comparisons, comparing Q2 2008 with Q2 2007 show a 24% increase in the average price of dwellings sold.
· The average prices of 2 and 3 bedroom houses were about a fifth higher than a year earlier, whilst 4 bedroom houses were more than a quarter higher.
· The average prices of 1 and 2 bedroom flats sold in Q2 2008 were about a quarter and a third higher, respectively, than in Q2 2007.
· The average (mix-adjusted) price of dwellings sold in Jersey during Q2 2008 was £480,000.
· Average turnover of properties (seasonally adjusted) in Q2 2008 was slightly lower than the quarterly average seen throughout 2007, largely as a result of lower turnover of 3 and 4 bedroom houses.
Quarter on quarter comparisons are of limited value. If you look at the annual picture 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.
Comparing the average house price for Q1 & 2 2008 with the annual average for 2007 there has been an 18% increase in the first two quarters of this year.
It is important to bear in mind with regard to flats the House Price Index does not include share transfer properties which make up 2/3 of the market.
If you would like any further information on house prices or a free valuation of your property, please contact us today on 87 97 87.
