Property prices in Jersey rise by 16% since 2021

All properties in Jersey recorded its highest annual average price ever seen to date

House prices in Jersey have recorded their highest annual average price seen to date in 2021.

The Jersey House Price Index was 16% higher last year than in 2020.

An annual summary by Statistics Jersey showed that the turnover of properties was 19% higher compared with 2020.

Families on the average income of £60,000 could only afford a mortgage for a one bedroom flat, while the average cost of all property types have increased in Jersey.

The average property prices for Jersey are now:

• One-bedroom flat - £339,000

• Two-bedroom flat - £496,000

• Two-bedroom property - £652,000

• Three-bedroom property - £861,000

• Four-bedroom property - £1,339,000

Thompson's Estates CEO Margaret Thompson said the inflation Jersey's property market had seen in recent years was "insane".

"I've been in the property business for a long time and I've seen nothing like the market today," she said.

Debbie Bell moved to Gravesend, UK, in 2021 due to the island's housing prices being "unreachable"

Jersey-born Debbie Bell moved to the UK in 2021 because it was "too hard to survive in Jersey".

"It just got to the point where I was paying out so much money to rent a property, even getting off the island was expensive, so I live in England now and I have a lovely three-bedroom maisonette here for a fraction of the cost of what you'd get in Jersey," she said.

"It's hard to survive in Jersey, you pay an extortionate amount in rent, properties are unreachable and it's stupid prices, a one-bedroom property in Jersey is probably well over the odds of what I paid over here."

Ms Bell said the decision was difficult, but one she had to make for herself and her family.

She said: "It was quite hard but it's been a long time coming, it's something I've had in my mind for a long long time, but personally now in myself I'm a lot happier.

"It is sad I had to leave the island I've lived on all my life."

Analysis by Freddie Miller, Political Reporter, BBC Jersey

All property types - from one-bed flats to four-bed houses - are now more expensive, on average, than they've ever been.

But despite the sharp rise in prices, properties are still selling. In fact, more homes changed hands in 2021 than in any previous year.

For homeowners looking to sell, all this might be good news. But much depends on where they're hoping to move to next.

And many remain deeply concerned that their children and grandchildren might never be able to afford a suitable home in Jersey in the future.

As for those struggling to get on the property ladder right now, this is likely to be yet another blow.

According to the data, families on the average income - that's £60,100 a year - can no longer afford a mortgage on anything other than a one bedroom flat.

Some will fear it won't be long until even that is completely out of their reach.

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