The house price index overall was 16% higher than in 2020, with the average price of a property in Jersey climbing to £673,000. Unsurprisingly, all property types reached record-high average prices.
There are a number of reasons why prices climbed across the quarter, and over the course of the year; chief among them that the island is now being impacted by a lack of available stock. We have now reached the point where there are fewer properties coming onto the market; a lack of supply that drives up prices.
There has been a lot of media attention and commentary where a large proportion of the public believe the increases are isolated to the island but in fact, as national figures show, this is a naïve viewpoint. For all of those with a pointed argument it would be prudent to state UK Government figures for December 2021 show a 10.8% annual price rise, with the South West recording a 13.6% increase across the year.
Given the quality of life that Jersey residents can enjoy coupled with more competitive tax regimes, no VAT, CGT or death duties the 2.4% increase from the South West of the UK will balance within the overall equation and show that in actual fact, Jersey is simply keeping up with the rest of the UK.
The number of Jersey properties that changed hands in Q4 of 2021 was 492, making it the busiest quarter of the year. In total, 1,665 property transactions were completed in 2021, compared to 1,396 in 2020.
Our expert team were involved in considerable transactions across the full spectrum of the property market, from one-bed apartments to sprawling luxury homes, with fluid activity in all price brackets.
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.
To take advantage of our team’s knowledge and experience, register with Livingroom to tell us about your requirements today. The sooner we know about you, the likelier we will be able to match you to a property!