House prices hit all-time high in Jersey

New figures show that in the past three months, the cost of a three bed house has gone up by £53,000. Credit: PA Images

One bed flats and two and three bed houses are now the most expensive they have ever been in Jersey. New figures show that in the past three months, the cost of a three bed house has gone up by £53,000. The prices for two bed flats and four bed houses have dropped in value, however. You can now buy a four bed house for around £955,000, which is £112,000 less than during the summer months.

Jersey's House Price Index for Q3 2020 Credit: Statistics Jersey

More than twice as many properties were also sold through Jersey's Royal Court in the third quarter of 2020, compared with the previous quarter.

438 transactions took place during July and September, while 202 transactions were carried out in April to June.

Mortgage provider, Skipton International has attributed lockdown as 'a catalyst' for people moving home and believes the rise will continue into early 2021.

The pandemic and recent lockdown have no doubt forced people to reassess what it is they want from a home. People are now looking for more outdoor space, an extra bedroom or room for home offices following the experience of home schooling and the introduction of flexible working arrangements.

Lorraine McLean, Mortgage Sales Manager at Skipton International

The loan company added that it doesn't believe the rise in property prices will affect affordability challenges, 'given the rises were in line with average wage increases'.