Statistics Jersey has released the Jersey House Price Index for Q4 2018 and it reports that the turnover of properties was 7% higher than in 2017; that’s the highest increase in 10 years.
It was 7% higher than in 2017 due to increased sales of both flats and houses (up by 8% and 6%, respectively, on an annual basis). The average price of all property types in Jersey increased in 2018 and the highest average price of all property types were recorded to date.
So what does this mean for our vendors?
Well it suggests an increased confidence in the Jersey property market and even though this is good news we’d still advise vendors continue to price realistically and not view this as a signal to rush into increasing prices. Our vendors who have embraced the market dynamic have seen success.
On a rolling four-quarter basis, the mix-adjusted average price of properties sold in Jersey during the year ending Q4 2018 was 1% higher compared with Q3 2018. The turnover of properties in Q4 2018 was 14% higher than in the previous quarter and a fifth (20%) higher than in the corresponding quarter of 2017. The last year has demonstrated that increased confidence provokes market activity; not just because of the chains involved in buying property but also because vendors now have a greater sense of current market value against actual proven sales.
We’re aiming for a ‘fluid market’ and are always keen to provide a benchmark for vendors and encourage them to price sensibly to give them the best chance of selling their property.
Another benefit is to provide valuable insights to vendors via our Transparent Vendor Management (TVM) tool, designed by Livingroom, this means we can communicate with vendors at every stage of the process. Clients can log in and review the sale or letting of their homes with a full timeline of events, including shared feedback from viewings and pending marketing plans.
We have our clients’ interests at heart but what else would you expect from an award winning agency?
If you’re looking to sell a home get in touch with the experienced Livingroom team in Jersey on +44 1534 717100