CONFIDENCE IN PROPERTY MARKET INCREASES
Jersey News, 27 April 2010 – THE average value of mortgages in Jersey has increased by almost 15% in the first quarter of 2010 compared to the same period last year according to Barclays Wealth.
The company believes that confidence in the property market has increased and expects that 2010 will be significantly better than 2009.
‘The Channel Islands were thankfully impacted far less by the economic downturn than other jurisdictions around the world but we did notice that there was reduced confidence. It’s extremely encouraging to see that the average values and the number of completions have increased,’ said Carol Bisson, Head of Local Markets, Barclays Wealth, Jersey.
The average value of a new mortgage application with Barclays Wealth has risen 14.5% in the past year .
Mrs Bisson said she was confident that the number of applications and completions would be higher for 2010 as more products were being introduced.
‘The banking industry has a part to play in restoring confidence by providing customers with tailor made products. We are currently running a £995 cashback offer* on clients mortgage arrangement fees and have introduced innovative new mortgage products this year making it is easier for people to get onto the properly ladder or be able to move their mortgage to us. The same approach is being used for our savings products and we have recently introduced a saver account which has tiered interest rates dependent on the level of investment and offers a bonus on your initial 9 months deposit,’ said Mrs Bisson.
She added:
‘We are confident that Barclays Wealth has a great mortgage range and are determined to continue growing our mortgage book across the Channel Islands, helping more people onto, or move up, the property ladder.’
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