Deputy: Housing ‘crisis’ is looming
Monday 25th January 2010, 2:57PM GMT.
Deputy Power says some people in Jersey will never be able to afford to buy their own home
JERSEY is facing a housing crisis in which many Islanders will never be able to afford to buy their own home, the Assistant Housing Minister has warned.
Assistant Housing Minister Sean Power says that there is a housing ‘supply shortage’ and has slammed the Island Plan as ‘flawed’.
Tough lending rules introduced by banks over a year ago have made it almost impossible for Islanders earning an average wage to have any chance of owning a three-bedroom house.
Rules putting an end to 100 per cent mortgages now prevent an applicant from lending more than five times their annual salary.
Deputy Power said that this meant that many people could not afford to buy a home in Jersey.
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This obsession with home ownership is incredible. Not everyone feels that there life is not complete unless they own a property.
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What new house prices have been high in Jersey since the States did away with the pricing controls. As a jersey born person I can not afford to by a home. And have had to leave my beloved island recently because the rent have risen so high. Even thought I am retired I could not find any one to help me even get information how one qualifies for a States rented property. Afer all I and my forbears are only Jersey!
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Sorry, but this article makes me want to SxxT ! where the hell has Sean Power been in the last thirty years, nothing has changed and nothing will change, except we will get back to the situation where the working class rents their property, doesn’t own a car, and doesn’t go on holiday!!!
Does it really matter, it’s all materialism anyway.
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Any you have only just noticed this now???? This has been a problem in the Island for years, i am Jersey born and mid twentys with a fairly paid job, however i still can not afford to buy property over here. And now that they have let J cats buy any property they want its only going to get worse. How about the States look after the Jersey Born FIRST instead of the rich for a change
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Housing ‘crisis’ is looming
Its already here. With the flood gates open to anybody with money to buy what they want and Goal posts moved to suit developers. SNAFU!!
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Well, what do you expect, the States keep letting people come to Jersey, they gave J cats increased buying rights only last week.
We, the locals, have been calling for a stop to immigration and some joined up thinking for years ….. fat chance.
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Sean Power is one of those politicians who sees a chance to jump on the band wagon. Last week it was cheap beer , now its cheap housing . A veritable Robin Hood.
Home ownership has also been expensive, its basic economics of supply and demand.
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The housing dept has to take a lot of the blame for the rise in price of properties including first time buyer homes. if you look at the price of FTB properties before the States agreed the shared equity sales and the prices that housing valued the properties at for the sale there was a large jump in the prices, which had a knock on effect on all properties.
It would be interesting to see if the Shared equity sales have achieved what they set out to do and how many have been sold excluding the properties at Les Cloche (the old Les Maris/Les Squez) which were designated for sale before the scheme.
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Why are they still trying to persuade us to buy our houses when half of us do not have an adequate credit rating and are not on a high enough wage. I can just about afford to pay my rent just..and they still sent someone round to discuss housing needs which ended up being a discussion about weather Id thought about buying the house I mean whats the matter with them?? are they stupid?
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FB,Try going to housing???what do you mean,that you have to leave the island????you state that you have now retired.are you saying that in all of the years that you have lived on the rock,it is only now,that you have decided to leave as a result,that you can’t afford to rent in the housing sector,,,,,go away.you are having a laugh.
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To Toastedteacakes(comment 1)If you have no desire to own your own home then that is your choice and fortunate if you live in Jersey and cannot hope to buy one anyway!However many people hate the idea of lining the pockets of a very often greedy and unscrupulous landlord(of whom I have met many in Jersey over the years)Unless you simply want somewhere to sleep many people wish to perhaps decorate,alter the place where they live and that is pointless or not allowed if it belongs to another person.Friends of mine in Jersey were renting a flat which had terrible damp problems-yet the landlord insisted it was only condensation and was caused by them breathing!!!It was finally proven to be actual damp but Mr Landlord was not prepared to spend any money on correcting it so they had to move out finally.
To FB (comment 2)I left my birthplace out of pure choice but people like you are the ones I feel sorry for-you have felt squeezed out and that is a disgrace.
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Watch how the finance industry goes through this recession. That business dictates prices.
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Blow the market open but retain the right to refuse entry eg criminal record, religious fanatics etc
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To all those who question the desire for home ownership vs renting, don’t forget that we live in a society (certainly true of the UK and Channel Islands) where the emphasis is on home ownership rather than long term leasing. For most home owners it provides the first step onto the rapidly rising ladder and is the only way most people will be able to afford better quality of housing.
Effectively, why should I, or anyone else, not want to be in a position where my monthly payments are actually being put into equity I can access again later in life rather than being p****d down the drain into a land lord’s pocket? Especially when you consider the complete lack of support from the government for me once I retire and would quite like to not have to find the £4,000 (adjusted for inflation of course) in rent for my one bedroom flat in a scummy estate somewhere on this lovely island?
That said I would agree with anyone who states that this is not exactly news. This “crisis” is not looming, it’s been underway for the past 5 – 10 years.
Nice to know that the assistant housing minister (who, last time I checked, arrived in the Island in time to buy a house before the prices shot out of control) is on the ball and current in his opining. Perhaps in a couple of months we could get his ideas on GST or decimalisation???
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Sometimes these silly politicians just feel the need to say something, no matter how stupid; this guy is one of those people, staing what has been obvious for decades. The word “muppet” springs to mind
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No. 2 I cannot understand how you were born and resided in Jersey for such a length of time and you did not visit your local parish hall to make enquires as to who could help you get on the States rental ladder.
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Sorry Sean but your a disappointment and just looking for some glory and a seat on the Council of Ministers.You voted against any changes to suspension laws in the States of Jersey and have no real interest in the rights of Islanders.Lets see you do something useful and solve the problem instead of just talk,talk,talk.
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No 2 It seems strange that you couldn’t find any information about how to get on the States rental ladder. The Jersey Gov website contains information and an application form in the Housing section.
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Seems odd to be facing a housing crisis – i would have thought people would be queuing to leave Jersey. Why?
- Teenage rapist (15 for God’s sake!)
- Jail for man who stamped on head
- 29 child victims of abuse in 2009 – there are on 90000 of you on Jersey WTF is going on?!
- Woman jailed in driving assault
- Hunt for gang of 10 teenagers
- Child in care after false abuse claim
Perhaps time for some introspective thinking?
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@1.”This obsession with home ownership is incredible. Not everyone feels that there life is not complete unless they own a property.”
Why pay £1200 a month mortgage for a beautiful home which one day you will own outright, therefore reducing your outgoings significantly in your old age so you are not such a burden on your children or the government, and when you are dead and buried, will provide a nice inheritance for your kids, when you can pay £1700 a month for a much smaller and inferior property and have none of the above.
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Comment 14 a Grockle – totally agree why any sane person would not want to own their own home is beyond me. If you can’t afford to buy one and I accpet that many can’t it’s different but in my opinion you’d be mad not to buy if you can.
You are paying a mortgage anyway – either your’s or your landlords, might as well pay your own and have ownershio of your accommodation and total say in what goes on there. Plus in real terms your payments reduce over time, this never happens with rent with payments constantly going up. Eventually you own the property and live rent free, you can sell and liquidate the asset, rent it out, basically it gives you choice you don’t have when renting.
It has never been easy to own your own home unless you are rich, we saved for 10 years, owned an 18 year old car and didn’t go on holiday but it was worth it. Now we own a house which is worth nearly double what we paid for it 10 yuears ago – this is why buying is better than renting. I feel sorry for anyone who wants to by and can’t aford but I think that many just want to get a mortgage and move in, not save for years and go without to own which in reality is what most of us did.
Home ownership has nevr been an easy option, it requires effort adn commitment and going without, I agree it’s harder now than ever and thhis politician is only stating the obvious, as usual this headline hs been common knowledge to most of us for years.
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When will the states realise that affordable housing is a myth! Houses cost what they cost and if you are making them affordable for one person then someone else is paying. it is time to accept that the cost of a house is now beyond some people and stop trying to manipulate the system to work. The system s beyond repair!
There has always been too much interference from the States. Why are Housing allowing more people to buy houses! This is an attempt to maintain the housing market and keep prices up. If the market becomes flooded with properties because no one can afford them surely the prices would have to drop. This might not be good for home owners but its all relative and the market would find its own level. But Housings decision is only going to increase prices further.
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A Grockle 14.
Why ase housing estates ‘scummy’?
Aren’t they the responsibility of the Landlord (i.e. The States)?
Why don’t the ‘nice’ tenants get together and ask the States to do something about the ‘scummy’ side of things?
SE 19.
Poor housing is the cornerstone of violence!
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#6 Overpopulated
Your increasing anger about population levels are just boring. I’m also born & bred Jersey, but unlike yourself I live in the real world. We cannot afford to reduce the population!
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#23 “Poor housing is the cornerstone of violence!” Too true!
#24 “We cannot afford to reduce the population!” Also very true, that would involve genocide. We can’t afford to continue with the current rate of population growth though either, the growth does need to be slowed down.
People shouldn’t be criticised for wanting to own their own homes. When I bought my first flat it worked out cheaper to buy than to rent. Only thing cheaper than buying would have been living with my parents and putting money into a savings account… well we know how well that would have worked out.
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I own a house. I worked blinking hard to get myself on the ladder. I have to continue to work hard to keep paying for it.
But it’s my house and I’m glad I made the commitment.
Stuff you lot that want hand-outs from the government to get your own home. I never got any. Is that my reward for working hard?
Let the prices go through the roof. I want my house to be worth millions. If you can’t afford to live here – leave. Simple answer and it will solve Overpopulated’s ongoing mission (I have to agree with Darren – he is a bit of a stuck record and his figures are unbelievably wrong!).
I was always taught to make the most of my life and achieve what I can with what I’ve got. I am so tired of listening to people complain because they cannot get any help from the States to make their life easier.
Sorry to be so blunt – but I don’t care. Life isn’t easy. Just try harder and you’ll achieve more. I don’t claim benefits for anything and I probably pay more tax than athe people that do. I’m not a charity, I don’t want to work hard my whole life so that someone can do nothing all day in a free house!
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I own my own cottage.
Took out states loan in 1980 for 20 years to pay back mortgage.
And what a struggle it was.
We went from paying £12 week to £79 week.
Forget hols for at least 10 years.
Plus Solicitor fees mortgage protection It was an uphill struggle and i worked day and night just to pay bills and exist.
Over the years we have put in a conservatory double glazing new roof,new kitchen,new wooden floors gas central heating and many more extras.
A lot of hard work But worth it now,2 double bedrooms 2 toilets sitting and dining room plus good sized patio and parking.
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Brilliant observation there Sean….given that you have so repeatedly and sychophantically backed the man who let it happen, perhaps waiting him out is a career ploy….and could it be the public are being warmed up just to expect less….demoralise and control…another Govt ploy…yux
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@ bella #27
You may have found it a struggle, but lots of people struggle just to live without the luxury of knowing that they’re rent isn’t going to be turned in to an asset.
And if I understand your figures, then it sounds to me like you mortgage was an absolute steal at £79pw in the late ’90s. A very crude calculation allowing for inflation would mean you would be paying around £250pm in today’s money… I’d love to oppourtunity to ‘struggle’ finding £250pm to pay for my own home.
The older generations; they don’t know how lucky they had it!
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Michael #26
Best comment yet. Lets hear it for the silent majority who get up and do something for themselves, rather than waste their time whinging, moaning and looking for handouts and subsidies. Can’t afford to buy a house. Tough, try harder and make sacrifices like most of the homeowners here have had to do at some point. The State doesn’t owe you a house, and taxpayers don’t owe you a living. Thank god most of our States members don’t waste their time pandering to those looking for something for nothing, and actually act in the interests of those who pay their wages.
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And im the one with not much “up top”
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I earn more than the average salary, i’m already on the property ladder and i still can’t afford to buy a normal house.
The rich get richer and the poor get poorer.
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@ Jambo #32
“…The rich get richer and the poor get poorer…”
True, and it’s not an ideal situation, but neither is it necessarily ‘wrong’, it’s just the way people/life are/is.
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“it’s just the way people/life are/is. ” Not true, it’s just the way some of the rich are.
Money determines what happens so the rich are making themselves richer by the making the poor poorer. It’s intentional and it is extremely wrong. It happens on a local and international scale.
#22 true! Surely when people buy a house they know that it’s value can go up as well as down? Why do people only accept the ‘up’ aspect of it?
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Michael 26 – as you say..rather blunt but I think this sums up the opinion of many who are certainly not rich but are fortunate to own their own homes. I don’t know anyone who didn’t have to make big sacrifices to get their homes. We didn’t start a family until I was 32 so that my wife could keep working (there was no option of maternity leave).
Just because we now own our own homes doen’t make us rich or well off! Some of us are still struggling to make ends meet…does that mean we should sell our house and live of the States!
We have always paid our way and like many others have claimed nothing from the States but then this gets no recognition. I don’t mind the States bringing in policies to make home buying easier but I don’t want to have to pay more so that someone else can get a house at well below market prices.
The States need to look at why houses are so expensive and stop trying to manipulate the market to make them affordable when clearly they are not.
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No.34 It sound as though you would like a communist society where everyone is apparently equal. There will always be the rich who work hard for their cash & equally the lower class who also work hard for their cash albeit a lesser amount of cash.
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#35
Too true
Owning a house does not make you rich by any means
The income we get is just from our pensions and we don,t get enough to pay any income tax.
The advantage is no rent to pay so money goes further.
I,m the same as you and nobody gave me nothing.
Makes no difference to me if my house price fell or stood still for years,in fact i have never had it valued as i don,t intend to move any time soon.
I bought it as a home to live in not an investment.
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@ Leah Holmes #34
“…Not true, it’s just the way some of the rich are.
Money determines what happens so the rich are making themselves richer by the making the poor poorer. It’s intentional and it is extremely wrong…”
That’s a very nasty view of the world you have Leah, tarring all wealthy people in that way.
Please show me an example of a wealthy person intentionally making somebody poorer to make themselves richer, that doesn’t involve a perfectly resonable trade.
If you manage a specific example, then show clearly how you transfer that to the wealthy in general.
I’m willing to bet that a wealthy person who’s worked all their lives as, say a nurse or teacher, would take exception to you accusing them of intentional taking wealth away from society’s poor.
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@ Bella #37
“…Owning a house does not make you rich by any means…”
First you have to decide what you consider ‘rich’.
I personally would consider myself ‘rich’ if I owned a house worth £500,000 and was free of debt.
What do you consider ‘rich’ Bella?
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Reply to JERSEYBEAN comments . I am as was my father and Grandparents and so Bnorn and bread in the island as were both my children they left after university as they could not get back to their beloved Island to work as a teacher . I had to leave as I could not find a property that I could afford to rent at retirement unless I could continue to work full time with in the finance and at the age of 62 and 68 respectively we could not find these well paid jobs. I did not qualify for a states rental place as I did not have small children “bearing in mind after all I am only Jersey born” and no one seemed interested that I was now only living on our pension. I could not continue to pay the monthly rent of £1,800 believe me I tried to find a cheaper place to rent so that I was able to stay in my beloved Island and be with my friend.
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nice one bella(37).
your home is a place to live and not a fast buck earner.
home a place to live , a place to bring the kids up, and a place to pass away in, not much to ask of life is it.
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Yes,i have the luck of the irish,so i am told.
Every-thing fell in my lap.
Everything i touch turns to gold.
I have many sins,but envy is not one of them!!
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SE 19
You forgot to mention:-
-Multi Million pound drugs bust. Trial costing taxpayer millions!
-Invisible police force
-Politicians ignoring public views & concerns
-Armed police response for dangerous “egg thrower”
-Millions of pounds in tax money disappearing into a black hole or wasted on useless projects.
-FX rate not fixed for incinerator costing taxpayer millions.
-Teens running riot in Roseville Street
- Boy Racers in Castle Quay
The list is endless and for an island as small as Jersey this really is a disgrace. In my opinion the government are a shambles!
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20 Big Bean
Please tell me where I can get a £1200 per month mortgage for a nice 3 bedroomed house in Jersey……
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Michael 26 & James 30
Are you for real?
There are plenty of hard working taxpayers who are not asking for handouts but stating the blindingly obvious that house prices over hear are ridiculously high. Not to mention the fact that the banks have tightened their mortgage criteria.
Somehow you 2 have completely missed the point of most comments on this thread!
I earn a very good wage, but still can’t afford a mortgage. True, I want to enjoy my life rather than become a prisoner to debt (especially in the current climate when nobody’s job is safe…apart from the useless politicians). Besides, why would I want to pay half a million pounds for a tiny bog standard 3 bed home in Jersey when the same sum of money would enable me to retire early to a warmer climate where I can also by the equivalent of a mansion??
Please don’t respond with “but Jersey is a great place to live” chestnut. This WAS true once, but it certainly is not now. The place has gone to the dogs and greed is rife. I am local by the way so I feel I am entitled to give my view on the way I see the island has changed for the worse!
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I’m sure you know it’s not one person, it’s the combined actions of many rich people. And I’m not talking ‘wealth’ I’m talking seriously rich people.
Money gets you the ear of those that make the decisions in this world, politicians generally have to keep those with the money reasonably on side. If they don’t get their way they take their business abroad… so they get to hold Governments to ransom to a degree. Then when it comes to setting pay scales those at the top of the pay scale will always have more of a say than those at the bottom, who do you think they’re going to look out for?
Then there are the very rich owners of chains of shops that have their items made extremely cheaply abroad.
I can easily see it’s just the way it is, money does talk (although far more to some than to others) but it has got ridiculously out of control.
Hospitality is a good example of one industry that relies heavily on minimum wage workers doing their jobs properly, yet their wage gives no indication of just how easy it would be for them to lose their employer business. It makes for a very odd world.
People on here say if we want a better calibre of politician we should pay more, funny how that same thought is never applied to cleaners, reception staff, admin workers etc.
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“tarring all wealthy people in that way.” very good. If you don’t generalise you get abused for saying too much, if you do generalise (to save space) people intentionally take it literally… nice bullying technique, doesn’t work on me though
If someone can’t take it as a generalisation I just trust that they’re an idiot.
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There’s a thread coming across loud and clear here stated repeatedly by home owners. Buying a home isn’t easy and never was, it requires sacrifice and forward planning. Even after you have bought your home ( and I’ve had mine 7 years ) you still go without. You do so because you want to have ownership of your home situation and the security it brings, also you are investing in your future for a time when the mortgage payments become less than the rent would have been, from that point forward things only improve.
I think a lot of people want to own their own homes but don’t want to pay any more than they currently do in rent, they don’t want to save for years and go without, they want straight in. This is not how it works for us home owners, we have gone without for our homes.
You have a choice, live now nice cars, holidays, clothes, eating out – or save for your home as we did, yes house prices have gone up, they always do, but my house cost 8 times our joint salary and we had to save a big deposit to get a mortgage over an 8 year period, if you really want it you will sacrifice and save for it. Ask your parents, i doubt buying was easy then either.
The immediate gratification generation want it easy, same as everything else they possess.
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@ Leah Holmes #46
Unsurprisingly I disagree with most of what you said, and it seems that the actions of the rich which you say are intentionally designed to make the poor poorer, are exactly the actions anybody, in general, would take, regardless of their own wealth; so what in effect you’re saying is that any kind of success is ‘wrong’, unless you share your earned wealth and success with those that aren’t as successful… just doesn’t seem like any real incentive to work, and doesn’t to me sound practical, outside of a communist/socialist utopia. Which would be nice, but I can’t get a visa to leave the real world and go there.
“…People on here say if we want a better calibre of politician we should pay more, funny how that same thought is never applied to cleaners, reception staff, admin workers etc…”
Isn’t it? I suspect you’re wrong, I know some cleaners who get paid more than offers because of the quality of their work, likewise for retail staff. Do you think that the reception staff at the Loungueville Manor are paid the same minimum wage as any un-starred hotel? Why do you think a 5star hotel pays it’s staff more than a 1star?
#47
“…nice bullying technique, doesn’t work on me though If someone can’t take it as a generalisation I just trust that they’re an idiot…”
I take offence at being accused of being a bully and an idiot. If you think I’, bullying you by asking you to explain yourself then I suspect you don’t know what real bullying is.
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A lot of home owners in Jersey had help from relatives to buy their homes and a lot have inherited their homes. Not all home owners have had to make sacrifices, some have just been very fortunate.
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Oh BS Deluxe… could you make this any simpler?
“I earn a very good wage, but still can’t afford a mortgage. True, I want to enjoy my life rather than become a prisoner to debt (especially in the current climate when nobody’s job is safe…apart from the useless politicians). Besides, why would I want to pay half a million pounds for a tiny bog standard 3 bed home in Jersey when the same sum of money would enable me to retire early to a warmer climate where I can also by the equivalent of a mansion??”
I think you answer your own question with the line “I earn a very good wage”. I’m guessing that the very good wage is not one that you would get in another country? (I may be wrong of course, feel free to correct…)
If you are able to earn that wage in another country where the property prices are low enough to actually buy then why aren’t you there?
I would hazard a guess that everyone that is complaining about the price of property are those that do not own one. I will hold my hands up in apology if anyone can honestly say they own a home and want the price of property to fall.
As for why you would want to pay half a million for a bog standard house? Because Jersey has one of the most stable property markets in the world, which during 2 years of recession has seen property values still rise when coutries around the world have watched theirs fall dramatically.
Being born in Jersey does not give you the right to own a home. You still need to earn the money to pay for it. That’s what most hard working people do.
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#41
Thanks for that.
I don,t know why the states dropped the scheme of giving loans to help people buy.
House prices are kept artificially high and something has got to give.
Many young people have to stay with their parents because they can,t afford to rent or buy.
no wonder the young ones wan,t or do leave,as what is there here for them?
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Most people certainly have to make big sacrifices over here to get on the housing ladder and in some ways that is a good thing as it makes you take the mortgage obligation seriously. Having said that I think Jersey landlords deserve all the opprobrium they receive. A more venal, reactionary bunch of rentier class it would be hard to imagine. Still there is a boat in the morning etc….
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#49 “are exactly the actions anybody, in general, would take, regardless of their own wealth” Not true, thankfully there are still people around who understand that if they are making plenty of money it is in VERY large part due to the work of their staff and the staff are well rewarded for a successful year. Unlike some industries where just those at the top are rewarded, even for abysmal years.
Some people truly understand that while they have worked hard, there is always an element of good fortune in being where they are. People are not where they are only because of their own hard work, they’re where they are because of sacrifices and decisions their parents made and the generations that went before them, and because of simple good fortune. And I know it’s hard to understand but not everyone is out to make as much money as possible, some people truly just try for a successful business and a happy life. Of course some just become more and more sucked in by excessive greed and that’s a real shame! I’ve witnessed one extremely wealthy person (who was a complete b*****d) realise what truly matters in life and change around himself and how he conducts his business, not only is he a lot happier but his 100+ employees are too. Don’t forget those who run seemingly successful businesses but made their real money in questionable dealings… plenty of them around and they certainly shouldn’t be held up as people to be admired.
“I know some cleaners who get paid more than offers because of the quality of their work, likewise for retail staff.” Your statement is based on the fact that someone is already working for their employer and is being rewarded for having proven themselves… this is completely separate to the analogy of attracting people into a job.
Offense doesn’t have to be given for offense to be taken! That form of bullying is a technique used when people don’t like others disagreeing with them, personally I’m happy to agree to disagree, the world isn’t an absolute! I know exactly what bullying is and the majority of it isn’t blatant, that’s why it’s so hard to pin down and why it ruins so many lives.
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Is this the Sean Power who offered his services to Harcourt while he was a States Member?
And now he’s Assistant Housing Minister – no conflict of interest there then?
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#51 “that is complaining about the price of property are those that do not own one.” I’ve heard a number of people who do own their own homes complaining about it also, they’re greatly concerned for their kids, their friends etc. I would hope there are others like them?
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#49 Actually I’ve maybe been a little unfair, I consider the way some people have behaved (not just to me) to be bullying but I can accept it’s maybe just the way it is coming across in the written word so if I’ve misjudged you personally on that front then I apologise.
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J Lamborrari
Posted January 29, 2010 at 9:19 am
@ Leah Holmes #46
‘J’ lets ask the Staff at the Loungueville Manor? i bet you they are on no more than the minimum wage! Leah is right when she says the rich get richer off poorer people. For example, bankers use all our money to invest and re-invest in stocks etc…our money. Then they run to the govt when things go tits up! We were at the brink of melt down…. no money in the cash point! This would have hit the poor and working class the hardest but who are back bigger than ever after ripping the govt of billions of pounds? Bankers….geting richer.
Diamonds for the rich from Africa? Gold for the middle class? Bio fuels from Brazil and the Amazon? Holidays in the Carib while kids starve next door? Bottled spring water from Fiji while its kids suffer Dysentery and desease? i can go on and on and on and on and show you that Leah’s comments are right…..Rich get Richer and they do this by robbing the poor.
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51 Michael
It’s all relative (except in Jersey). I’m sure I would not earn the same money in another country as I would in Jersey for the same job……who in Jersey would????
Jersey’s wages are relatively good because the cost of living is so high….I thought that would be obvious to you?
My point is that although my wages would be lower elsewhere I would have a better chance of owning my own home because property in some places is not as ridiculously expensive as it is in Jersey.
For the same, relative wage, I would be able to afford a much superior property with ample land and other luxuries such as a swimming pool.
£1/2 a million for a standard, “factory made” 3 bedroomed house in Jersey would be comical if it wasn’t so sad……especially when you consider that in the UK you often see multi millionaire footballers in their £1m mansions……just twice the cost !!
You say “As for why you would want to pay half a million for a bog standard house? Because Jersey has one of the most stable property markets in the world, which during 2 years of recession has seen property values still rise when coutries around the world have watched theirs fall dramatically.”
And why do you think that REALLY is? How many homes are lying empty, unsold? How many people (with hundreds/thousands losing their jobs) can afford to buy….or even keep up with their current mortgage payments?
Jersey is not the “real world”….it is an alternative reality
Jersey may try to manipulate it’s property market to try and sustain it but that does NOT make it stable.
A property is only worth the sum a person is willing to pay for it and I do not see many buyers out there right now……although the States seem hell bent on letting more and more people into this tiny island to try and jump start the property market again!
This is just my opinion !
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BS Deluxe 58.
Re: “This is just my opinion!”
And mine!
And my partner’s opinion!
And my son’s opinion.
And my son’s future wife’s opinion!
And my sister’s opinion!
And my sister’s husband’s opinion!
And her daughter’s opinion!
And her daughter’s future husband’s opinion!
And her daughter’s future husband’s parents’ opinion!
And I should imagine the opinion of many young people who are looking to buy a house…and of course, the opinion of those parents who realise that, without their help, their ‘young ones’ would have no chance!
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No.58 The price to buy a house in Jersey is high because of the location and the fact that you are enjoying the privilege of residing on a beautiful island. Those who feel that prices should be lower do understand the concept of location.
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60
Try reading the news or walking the streets. If it’s not feral scum or crime causing problems then it’s the government constantly ignoring and screwing the public!
Jersey is not THAT attractive a place to live in these days…..you are blinkered if you still think that it is.
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Is this news??? I must be living through a ‘Groundhog Day’ life, as the same story has been appearing for years and years.
While there are few comparisons, in terms of quality of life, it is worth recalling that the same is written about London property prices. These make Jersey seem quite affordable, as it would require about £400K + to buy a very average 2 bedroom flat in London.
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Building lots of flats is not the answer, all that achieves is a lot of young people who use St Helier as their back yard. Why not look at the housing we currently have and look at ways to reutilise it. L’Hermitage gardens is a great example of moving housing around, older people sell their houses and downsize. The high end of the market is not the problem we don’t seem to be short of J Cats and 1.1K buyers!! So why can’t the Island support the other end of the market. There has to be solutions, perhaps full home owner ship is not the issue but the security that you are safe to live in one place without a landlord calling all the shots, so perhaps a life rental agreement where so much of the rent is paid into a fund for when that person decides to move on! We need positive suggestions!!
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I left Jersey in 2007 after 10 years – desperately missed the place and really did not want to go. Couldn’t afford a house and subsidised rent from company i worked for was going to end – no way was i going to pay £25000 per annum to someone else! Luckily an opportunity arose in the IOM – what a contrast and what a difficult time it has been. But now, looking in on Jersey from 600 odd miles away, the dream has gone, my children are in excellent schools, I own my own (get this) 5 bedroom town house in Douglas and it cost a mere £300k – what would that buy you in Jersey?. Don’t get me wrong, i really miss Jersey but i am so pleased to be up here and more importantly my kids love it here. IOM, i think, was voted the safest place in Britain – that means a great deal when you have children – long may it last!
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@ Mark G #57
“…Diamonds for the rich from Africa? Gold for the middle class? Bio fuels from Brazil and the Amazon? Holidays in the Carib while kids starve next door?…”
I don’t think any of those things you mention are done with the intention of making the poor poorer.
If the governments think they’re getting a poor deal for their diamonds/gold, then it’s up to them to act and increase their prices, where else would the ‘rich’ go for their diamonds?
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We didn’t really have this problem until developers were allowed to build to sell to investors. Until then we built what we needed and although property was never cheap, if you worked hard and saved your money you could reasonably expect to own your home in time.
We need to stop selling properties to outside investors immediately.
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65 J Lamborarri
A lot of the gold/diamond mines are owned by foreign corporates, therefore, the govenment doesn’t really have much say and the money is siphoned out.
That’s why countries like South Africa, who are one of the richest in terms of natural resources, actually end up becoming one of the poorest in economical terms.
…..but that’s another subject :-0
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@ BS Deluxe #67
But those governments are still in a position to govern their countries, and therefore the companies that operate within them with regard to the taxes they pay, the wages they pay etc. etc.
So long as the country is a democracy you can’t simply blame the ‘rich’ for it’s problems.
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