Property market static at 2008 prices
Friday 20th May 2011, 2:58PM BST.
St Saviour's Place
HOUSE prices remain essentially flat, as they have been since around 2008.
The latest house price index showed little change in property values, with the average price of a three-bedroom house static at about £510,000.
But a leading estate agent says that banks are lending more cash, with some couples borrowing five-times their joint salaries.
According to the index published this morning, the price of one-bedroom flats dropped 8% in the first three months of 2011 and two-bedroom flats rose 7%, but the States Statistics Unit and estate agents say that is down to specific developments at Castle Quay and Saviour’s Place coming on the market.
• See today’s JEP for te full report
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And for those paying interest only loans….whadyareckon now…….?
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Banks lending more with people borrowing up to 5 times their joint salary!
Wow in our household that would be… GBP250k… enough to buy a rabbit hutch.
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I presume that the words ‘essentially flat’ is estate agents speak for ‘dropped quite considerably.’
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Those on interest only are surely loving the fact it hasn’t gone down whilst they enjoy a near rent free home (assuming they’re on a base rate tracker like mine
)
Hope it doesn’t change, and hope rates don’t rise – I will miss the extra cash (but investing that spare lolly in stock market with it anyway which is advancing at a faster rate than property – that’s the investment fund that will cover the loan when it falls due for repayment).
All in all pretty good at present, but for continual scaremongering about Jersey going to the dogs and all our eggs in one basket …
Your point truthseeker? Are you hoping they’re worried by this? Are you delighted for them? What do YOU reckon?
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P O P !
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Houses are not selling. Estate agents are selectively using statistics in an attempt to bolster confidence in a depressed market. An objective analysis of the figures shows that house prices have fallen significantly.
Two years ago I advised people who want to buy to hang on. People who did buy have seen their house depreciate in value.
If you want to buy today I would suggest that you hang on if you can. Prices have some way to fall before they bottom out.
Don’t listen to the Estate agents/politicians spin….they are only concerned with lining their own pockets.
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The property market is not static. It’s falling. Fact!
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An estate agent told me last week that the housing market in Jersey had entered a period of negative rising so it was a great time to buy.
I told him that in my opinion the market was nowhere near it’s negative peak so I would hang on a bit!
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Estate Agents have collectively talked up the market, and the public has been taken in.
20 years ago, a three bed semi was virtually a liquid asset. You seldom saw a For Sale sign outside, because as soon as it was placed on the market, an offer was made and invariably, there were another 10 eager buyers if the first in line dropped out.
If a small property is placed with three agents and not selling, it is not the market conditions, it is simply OVERPRICED !
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Hi Pip @8,
“negative rising” – I do like that.
Never has “positive falling” been so desirable.
If we are not already at the “Antipodean summit”, don’t forget to cost in the rent you are loosing.
Buff up that crystal ball and :
BUY ! BUY ! BUY !
By-by
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A house near me has just sold at 30% less than it’s asking price.
Another one has had all building work stopped since the start of 2011 it is unfinished – I assume the bank won’t lend any more money ..
There are For Sale signs all over the island – a sight never seen before – I don’t call that ‘static’.
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B sure here will be no rise n property prices fr at least 3-4 years.
The british economy is in for a flat 3 years and that is optimistic.
Be warned jersey the UK is struggling and wether you lik it or not you are part of that
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Hang on a minute, it was only last year that the JEP reported an increase in house prices and now it’s been flat since 2008 has it. Someone has been telling porkies!
I think we all know that houseprices in Jersey are not going up and most certainly are going down. Sellers, especially in the low and middle brackets ie under 900k or so have to realise this and price their houses to sell – that means at a realistic price.
Sellers in the upper bracket can still enjoy pretty good valuations and get close to them because there are still a decent amount of people who can afford them. But your average man on the street – no chance!
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