House Prices Up 11%

Getting on Jersey's property ladder has moved further out of reach for many, with the average paid for one bedroom flat reaching another record high.

They ended 2022 at an average of £383,000.  That is £13,000 more than last summer.

Overall, house prices in December 2022 were 11% higher than a year earlier.  Advertised private rents had increased by 10%.

Statistics suggest a working household with an average income could service a mortgage on a one bedroom flat, but not on anything bigger.

Every type of home reached record high values during 2022.

Three bedroom houses, which had exceeded £900,000 in the summer, dropped back slightly in average value to £883,000.

The average paid for a property in the island in the final three months of the year was £707,000, compared to £542,000 in London.

Mean prices by size in Q4 2022 compared with the previous quarter:

• 1 bedroom flat  - £383,000, up £13,000
• 2 bedroom flat  - £535,000, down £22,000
• 2 bedroom house - £635,000, up £3,000
• 3 bedroom house  - £883,000, down £21,000
• 4 bedroom house  - £1,387,000, up £58,000.