Jersey’s property prices at an all time high
It has been reported that house prices in Jersey have now recovered since they dropped due to the 2008 recession. Property prices in Jersey have now hit a seven-year high. The average price of a home in Jersey over the last three months was reported to be around £453,000. Houses in Jersey are now selling at 2% more than they were earlier this year.
Dan Edmunds the statistical officer at the States of Jersey stated that
“Historically we had this big increase in house prices leading up to 2008 and since then we’ve had a bit of a flattening off, a bit of a drop and we’ve never seen the house price index exceed that previous level until this particular quarter”
Jersey house prices have now caught up to the same level that Guernsey homes are sold for, on average. The average price of a home in Guernsey is currently £447,000.This now means that the two islands are now on a similar level.
Jim Coupe, Managing Director of Skipton International, a leading Channel Island mortgage lender, has said that increasing job prospects in Jersey are causing more people to buy property which has also helped to have fuelled the rise in house prices. He was quoted as saying:
“Employment prospects in Jersey are better than a few years ago and people are feeling more confident when it comes to home purchases. We hope that the market continues to grow in a modest, sustainable way, with prices rising roughly in line with wage increases, so that the affordability gap does not widen further.”
Property in the Jersey still remains significantly more expensive that those in the UK.
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