House Prices Rose 16% In 2021

House prices in Jersey rose by 16% last year, and more properties changed hands than ever before.

It's the biggest annual increase in the House Price Index since 2008, when a 22% hike was recorded.

All property types are more expensive than ever  - with a one bedroom flat fetching an average £339,000.

The mean price of a three bedroom home is now £861,000, up £53,000 on the previous three months (Q3 2021).

The turnover of properties was 19% higher compared to 2020, with the sale of flats up 28% and house sales up 11%.

1,665 properties changed hands.  That is the highest number of transactions in a single year.

"A working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1- bedroom flat.

A working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size or a 2- bedroom flat." - Jersey House Price Index

The figures, compiled by Statistics Jersey, show that the average price of property sold in the final three months of 2021 was 4% higher than the previous quarter.

Mean prices by size in Q4 2021 compared with the previous quarter:

1 bedroom flat  - £339,000, up £14,000

2 bedroom flat  - £496,000, up £5,000

2 bedroom house - £652,000, up £102,000

3 bedroom house  - £861,000, up £53,000

4 bedroom house  - £1,339,000 up £119,000

Overall, the average paid for a property here is now £673,000.  The London average is £520,000 and the UK average is £271,000.