As in any market where demand outstrips supply, prices have been driven up by islanders’ keen to make a move but facing limited options. The average cost of a property in Jersey is now £533,000, outstripping even London (where the average is £491,000).
Despite rising prices, though, the number of sales continued to climb. 438 transactions were recorded in Q3, the highest number since Q2 of 2019 and a huge jump on the COVID-impacted first and second quarters of 2020.
We can certainly put some of this down to pent-up activity from the lockdown period, but our team of Jersey property experts also attests to the appetite of Jersey people to find a new home.
Some have had their priorities brought into sharper focus by the lockdown period – a home office or garden may have been ‘nice to have’ before, but could be essential now, for example – and some have decided that being stuck on the island, with travel still limited, makes this a perfect time to move.
In our team’s conversations with buyers this year the requirement that has come up most often is ‘space’. People want more of it, whether that’s because the time spent at home this year has demonstrated the great luxury of space, or because their lifestyles have changed and they now need more room.
This is reflected in the fact that three-bedroom houses are the most popular category of property – with 132 sales in the quarter. Flats were also popular, one-bed and two-bed apartments comprising 211 transactions. Dare we suggest some people got fed up living under the same roof as their family and sought some independence?
Jersey property prices may be at record levels, but that doesn’t mean that vendors are able to price as they please. Buyers are still discerning and one of the consequences of a busy market is that they are hyper-aware of what’s available and at what price.
If buyers know the cost of properties, they certainly know when a vendor is trying to take advantage of a busy market. Our team have more than 150 years of collective experience of the Channel Island property markets so are able to advise vendors on the right price to achieve a quick sale.
The market is busy and the latest figures demonstrate the rate at which properties are changing hands this year. If you’re thinking about moving get in touch with our team on 717100 for honest, expert advice and a customer experience tailored to your needs.