Jersey house prices highest since downturn

The average price of a house in Jersey was £456,000 in 2015

The average house price in Jersey is at its highest since the economic downturn in 2008 and up by 4% on 2014.

The States of Jersey annual house price index found that the average home in the island was £456,000 at the end of 2015.

This was the second consecutive annual increase in the average property price following four years of decline.

Paul Seymour from The Mortgage Shop said "confidence" had stimulated the housing market.

The managing director of the mortgage brokers told the BBC there was a 7% annual increase of transactions going through the Royal Court and through share transfers in 2015.

Mr Seymour said the cost of a minimum deposit of 10% for an average house was "not available for everybody", but he said first time buyers could find a three-bedroom property for between £380,000 and £420,000.

The median average income in Jersey was just over £35,000 at the last report in June 2016.

Most property types saw an increase between 2014 and 2015