House prices in Jersey rose by three per cent in the first quarter of this year, according to new figures.
The latest Jersey House Price Index revealed the increase in the sale price of mix-adjusted property prices, but clarified that they remain roughly on track with the average values seen in 2011 and 2012.
It outlines that the modest rise is likely to be down to an increase in the average prices of one and two bedroom flats and two and four bedroom houses, as these properties are most in demand.
However, the prices for three bedroom houses bucked this trend as the report suggested these properties had the lowest recorded average price since 2007.
Indeed, the number of three bedroom houses sold in the first quarter of this year was the lowest for three years.
The turnover of properties was about a third lower than in quarter four 2012 and more than two-fifths lower than year-on-year figures.
In the report, the States of Jersey suggested that this reduction in turnover is largely attributable to fewer share transfer properties being sold. Indeed, in the first quarter of this year share transfers accounted for three-fifths of all eligible flat sales, whereas throughout 2011 and 2012 this proportion was closer to 75 per cent.
As a result of these changes, the mean price for a one bedroom flat in Jersey is GBP 224,000, compared to the average of GBP 230,000 seen in 2008 and 2009.
In comparison, a two bedroom house will now cost buyers an average of GBP 383,000 while a four bedroom house has risen from GBP 700,000 to GBP 702,000.
However, overall Jersey's house prices have remained stable throughout the housing crisis in the UK.
After steady rises in average prices for property throughout 2003 to 2007, values plateaued in 2008 and have remained roughly the same - with some small fluctuations - since then.
By comparison, house prices in the UK underwent a significant fall immediately following the global economic crisis and have remained unstable since then.
- Monday 27 May 2013