Cost of buying a home in Jersey rises to 2.4x the UK average

Between April and June 2022 the average Jersey home was sold for £686,000, while the UK equivalent was just £283,000.  Credit: PA Images

The average cost of buying a home in Jersey is now nearly two and a half times that in the UK.

The island's latest House Price Index has revealed that between April and June 2022, the average Jersey home was sold for £686,000, while the UK equivalent was just £283,000.

That makes buying a home in Jersey even more expensive than in London, which is the most costly place to purchase in the UK.

During that time, the average cost of a one-bedroom flat in Jersey reached an all-time high at £353,000. That's up £14,000 compared to the start of the year.

The average price of a two-bedroom flat is also the most expensive it's ever been, at £536,000. That's £17,000 higher than three months earlier.

While if you wanted a two-bedroom house the average cost is £664,000, that's up £58,000 from the previous quarter.

The only kind of property to see sale prices fall during the second quarter of this year was three-bedroom homes. They now cost an average of £853,000 - which is £45,000 lower than the first three months of this year.

Four-bedroom houses in Jersey now cost an average of £1,329,000, which is £163,000 more than they were selling for in January-March 2022.