House prices drop in Jersey but remain well above the UK average

Property prices in Jersey have fallen in the last financial quarter, according to the latest House Price Index.

New figures show that all property types saw a drop in price compared to last year.

The average cost of a two-bedroom house has gone down by around £86,000 since March but will still set someone back £565,000.

In comparison, the national average house price for all property across the UK is £265,600.

Four-bedroom homes also saw a large drop in price of nearly £300,000 and are now sitting at just under £1 million - their lowest average in four years.

However, the mean price of one-bedroom flats sold in the latest quarter was £335,000, £11,000 higher than the previous three months.

These figures come after three Jersey building firms ceased trading, blaming their financial difficulties on the downturn in the island's housing market as they lost two-thirds of their work over the past year.

Business leaders have called on Jersey's government to "speed up" its future construction projects to help local tradespeople stay in work and stabilise the market.

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