On a rolling four-quarter basis the average price of a home in Jersey was up 2%, but compared to the first quarter of 2020, the average was up 9%. The average price of a home in Jersey during Q1 of this year was £574,000.
The number of properties involved in transactions in the first quarter was 8% higher than in Q1 of 2020, but 30% lower than the number that changed hands in a bumper Q4 of 2020.
Our expert team can certainly attest to a busy opening quarter of the year, even if completed transactions weren’t at the dizzy heights of the end of 2020. We were inundated with requests for valuations, listings and purchases; with islanders and prospective Jersey residents searching avidly across the full property spectrum.
Three-bed houses and two-bed flats drive the market
That said, two categories of home were especially important in stimulating market activity: three-bedroom houses and two-bedroom flats.
Both of these saw their mean price increase compared to the previous quarter, while all other types saw a fall in mean prices.
In a market as active as Jersey’s it’s not a surprise that these types of home are popular. Two-bedroom flats of a good standard are typically around the same price point as a house that might require some renovations; for a lot of people that is simply not something they want to take on, so they’ll go for the well-appointed flat.
Three-bedroom houses typically represent an upgrade for many buyers in search of space. We have many conversations with second-time buyers who are looking to upgrade from a flat or smaller house, and the three-bedroom house bracket is generally where they’re shopping.
These two categories of home are popular in any marketplace, but in one where average prices are consistently going up they are especially desirable as good value-for-money options.
At Livingroom Estate Agents we have more than 200 years of Channel Island property market experience, so you’d think we’ve seen it all. But the pandemic has shown us that the unexpected can still happen, and the resilience of the property market in Jersey is truly exceptional.
The market in 2021 continues to be active so if you’re looking to buy, sell or let get in touch with our team today by calling 717100 or emailing firstname.lastname@example.org.