5 key points from Jersey's house-price report: How much is your home worth & how do we compare to UK & Guernsey?

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HOW much is your home worth? How quickly are prices rising? And how do we compare to Guernsey and the UK?

Here are the answers from the House Price Index published this week

1. The price rises

The average price of a 1-bed flat sold in the second quarter of 2021 (April-June) was £315,000 – compared to £353,000 in the second quarter of 2022

2-bed flat was £494,000 compared to £536,000

2-bed house was £566,000 compared to £664,000

3-bed house was £806,000 compared to £853,000

4-bed house was 1.2 million compared to £1.3 million

2. The sales

The number of properties sold during the second quarter of this year was 10% lower than the same period in 2021. But it was 26% higher than in the first quarter of this year.

3. It’s a lot cheaper in Guernsey

Jersey and Guernsey calculate average house prices in slightly different ways. Using Guernsey methodology, the average price of properties sold in Jersey in quarter two was £750,000. This is £151,000 higher than the average in Guernsey (£599,000).

4. In fact, it’s a lot cheaper everywhere…

Picture: Jersey House Price Index (34040578)

Using Jersey methodology again, and comparing our prices to those elsewhere, it can be seen that Jersey is very much the Manchester City of the housing league table. Although that is not necessarily a good thing. Here is the league table for the average cost of a home in quarter two.

1. Jersey £686,000

2. UK £283,000

3. England £302,000

4. Wales £212,000

5. Scotland £189,000

6. Northern Ireland £169,000

Regional breakdown

1. London £530,000

2. South East (excluding London) £387,000

3. East £351,000

4. South West £321,000

5. West Midlands (region) £244,000

6. East Midlands £242,000

7. Yorkshire & The Humber £203,000

8. North West £209,000

9. North East £156,000

5. But the rises seem to be slowing

In the last quarter of 2021, average prices were 18% higher than the same period of the previous year. During the first quarter of this year, they were 16% higher than the corresponding period of 2021. And during the second quarter of 2022, average prices were 10% up on the same period in 2021.

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