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Monday, 23 August 2021

Demand continues to drive activity: Q2 property prices show

The Government of Jersey has published its House Price Index for the second quarter of 2021, and the numbers show that prices continued to rise across the housing market.

The pace of demand caused by the pandemic shows no sign of slowing down as figures for quarter show that the average price of a property in Jersey was £629,000 – an increase of almost 10% on the previous quarter.

Four-bedroom houses, long considered the benchmark for family living in Jersey, recorded a mean price of £1,277,000 in Q2 2021, £143,000 higher than in Q1 and the highest figure to date.

A similar increase was seen in the three-bedroom house market, where the mean price of £806,000 was £97,000 higher than in Q1.

Remarkable activity

The continual rise in prices is being driven by that most simple of market forces: demand.

As with anything, the more demand there is for a good or service, the more valuable it becomes in the eyes of the market. Couple this with a lack of supply and you have a distinct imbalance which contributes to rising prices.

Jersey’s property sector is experiencing quite remarkable levels of activity at the moment; the number of transactions completed in Q2 of 2021 was 175% higher than in the corresponding quarter of 2020.

Livingroom’s expert team are working extremely hard to meet demand and to be fair to those buying and selling. In a competitive market it’s understandable that emotions can run high, but our team are proving time and again why they are some of the most trusted property professionals in Jersey.

Honesty and fairness

The trust of our clients is hard earned and is based on our openness, transparent communication and strong sense of fairness.

We know that the Jersey property market is busy and buying in this sort of environment can be stressful, that’s why we prioritise sharing information and keeping you informed. Our team is working so hard to be honest with vendors and ensure viewings are apportioned as fairly as possible.

If you’re searching for a property, the best place to start is register with us online and let us know what you’re looking for. You’ll then be among the first to receive new listings that match your criteria. Our team will then do their very best to get you in for a viewing.

The market can be especially daunting for first-time buyers. They are often looking at one or two-bedroom flats and these market segments have also seen price increases, with the average cost of a two-bed flat being recorded at £494,00.

Our advice is to talk to an estate agent about what you want and let them guide you through the market. Any good estate agent will keep the lines of communication open and provide an experienced view of the market as a whole to help with your search.

If you want to take advantage of Livingroom’s experience and market knowledge, whether buying, selling or letting, get in touch with our award-winning team on +44 1534 717100.

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