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House prices have reached new heights in Jersey, with the average price of a two-bedroom flat now standing at £460,000 and three-bedroom homes going for £710,000.
The figures were contained in a new report by Statistics Jersey, which recorded an overall 9% increase in house prices in the first quarter of 2021 compared to the same point last year.
Pictured: From 2002, three bedroom houses have gone up in price from under £400,000 to over £700,000.
The report said that the average cost of three-bedroom houses - once considered an average family home - had jumped to £709,000 in the latest quarter, which was £22,000 higher than the previous quarter in Q4 2020. It was the "highest mean price for this property type recorded to date.”
Two-bedroom flats also hit their highest price to date, reaching £459,000 on average, £19,000 more than the previous quarter.
However, the average prices of other types of properties went down in comparison to the previous quarter:
Jersey’s overall average price of properties remained considerably more than nearby jurisdictions.
Using Guernsey's methodology to compare, the overall average for Jersey properties was £118,000 more than local market price properties solid in Guernsey, with Jersey sat at £628,000 and Guernsey £510,000.
House prices in Jersey also outstripped London and were more than twice that of the UK and England, with England’s average figure for the first quarter sitting at £253,000, compared to Jersey’s equivalent of £574,000.
Pictured: On a rolling four-quarter basis, the total activity of the Jersey housing market during the year ending Q1 2021 was 4% higher compared with the year ending Q4 2020.
The index recorded a total of 322 sales in the first part of this year - 135 fewer than the previous quarter.
However, compared to the corresponding quarter from 2020, it was still an increase of 8%.
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