The mix-adjusted average price of property sold in Jersey in the quarter was 6% higher than Q1, and 10% higher than Q2 of 2021. But in Q1 of this year prices were 16% higher than Q1 of 2021, so the rate of increase does seem to be slowing.
427 properties changed hands across the second quarter, and the average price of a property in Jersey now stands at £686,000.
The media have suggested that the figures reveal ‘early signs of a slow-down in Jersey’s housing market’, but is this the case?
There’s no doubt that the rate of increase is slowing, but an increase is still an increase, and record high averages were recorded for one and two-bedroom flats and two-bedroom houses.
The headline-grabbing stat from this set of data is that the average price of a three-bedroom house fell for the first time in two years, with £853,000 being the average sale price for a property of this type during the quarter.
Jon Rabey, one of our negotiators, provided some advice on the current market: “Anyone who is serious about moving should be putting their property on the market to coincide with the start of their search.
“Especially in this market, where the ability to sell a property in a week is looking increasingly like a COVID trend, people shouldn’t wait until they find something before listing their own property. If we were to take that to the extreme position, if everyone refused to list until they’d completed their own search – there’d be nothing but new builds on the market!”
At Livingroom, buyers are getting in touch with our expert team to find out what’s available and learn what they can get for their money.
But just because the demand is there, that doesn’t mean the supply is. The market is still suffering from a lack of stock – perhaps not surprising after two frantic years of activity – and that is contributing to rising prices.
If you’re looking to sell property in Jersey, now is a great time to get in touch with our award-winning team. We have many waiting buyers raring to go, and a number of the properties sold by Livingroom during the quarter never even made it to our website.
Our knowledgeable team has sold many properties prior to being marketed. We work closely with pre-approved buyers to understand their property searches and match to suitable properties before listing.
For buyers, the best way to get ahead in a busy market is to register with us. That way, we know what you’re looking for, and can match you to properties that meet your criteria as they become available.
It’s still a busy market in Jersey, but our team can use their experience to guide vendors and buyers through the process, provide a balanced view of what’s out there, and be with you every step of the way.
Get in touch with Livingroom today to find out more.