3 Bed House Price Hits Record High

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The average price paid for a three bedroom house in Jersey is now £605,000 pounds.

That’s risen by £25,000 in the first three months of this year to the highest ever average price.

Latest figures also reveal the sales of 3 bed homes is at a five year low.

The average price paid for a property in the first quarter of 2019 was 489,000.  That is largely unchanged from the 2018 figure.

Taking seasonal adjustments into account, the average was 4% higher than at the end of last year and 2% up on the start of 2018.

In February the stats revealed the biggest annual house price rise in a decade, putting a mortgage for a house of any size – rather than a 1 or 2 bedroom flat – beyond the reach of a couple on average earnings.

Transactions of 3 bedroom homes fell to their lowest number since spring 2013.

Mean prices by size in Q1 2019 compared with Q4 2018:

1 bedroom flat  – £255,000, up £17,000

2 bedroom flat  – £413,000, up £13,000

2 bedroom house – £482,000, up £26,000 – also the highest average price ever recorded

3 bedroom house  – £605,000, up £25,000

4 bedroom house  – £924,000, down £4,000

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