Cost of ‘average’ four-bed house now almost £1m

Friday 25 May 2018

The fact house prices in Jersey have continued to go up won't be a surprise to anyone - but how about the latest official price of an 'average' four-bedroom home: £950,000.

Only one-bedroomed flats now cost less than they did three months ago.

A typical one-bedroomed flat now sells for £244,000, that’s a drop of £11,000 over the last quarter. But, it is the exception to the rule.

A typical two-bedroomed flat will cost you £420,000, a £51,000 increase, whilst an average two-bedroomed home costs slightly more - £452,000, up £25,000.

One possible explanation for two-bedroomed flats now costing almost as much as two-bedroomed houses is because of the number of high-end flats that may have been sold in the last quarter. This may have ‘pushed’ up the ‘average’ and skewed the figures.

You’ll need £586,000 to buy a three-bedroomed house, £13,000 more than you needed three months ago.

And a typical four-bedroomed home will now set you back almost a cool £1m. They went up on average by £65,000 during the last quarter to £949,000.

Although some observers fear a boom and bust situation similar to 2007, others are quick to disagree. Lorraine Mclean, Mortgage Sales Manager, Skipton International says: “There have been suggestions that we are experiencing a boom in the market, similar to that of 2007 prior to the crash, but we believe the market is different now. The mortgage industry has moved on greatly since then and stricter lending criteria means home owners are in a better position to weather changes to the market. However, we do not wish to see house prices continue to rise beyond people’s affordability. Growth has to be gradual and maintainable.”