Jersey’s house prices continued a period of correction in the first quarter of 2014, with 3 bedroom houses now at their lowest mean price since 2007. The mixed adjusted average price of homes was 1% lower than the previous quarter and 2% lower than 2013.
Jim Coupe, Managing Director of Skipton International said, “The main story is in the three-bedroom house market where around 60% of the houses sold were under £440,000. The deposit loan scheme had a small effect with about 17 properties going through, many of which were 3-bed houses, but this was a small factor in bringing down the average price of 3-bedroom houses in the first quarter. This is good news for home buyers as it means a family home is becoming more affordable in the island and it seems sellers are being more realistic in their pricing.
‘Turnover also jumped more than 50% on the first quarter of last year, which although the start of 2013 was unusually low, should still be seen as a positive and is being born out by the level of mortgage applications we have been receiving.
‘Next quarter an unknown factor will be the impact of the new Mortgage Market Review brought into the UK which might cause some lenders to tighten their lending criteria or introduce application processing delays thus restricting mortgage availability in the market.’
Skipton International was the only mortgage provider to support the Jersey States’ Starter Homes Deposit Loan Scheme which officially finished at the end of January this year. 51 homeowners were directly helped by the trial scheme.
Category: Finance & Business