Jersey

Jersey expert denies increase in house prices

For Sale sign
Image caption Figures show Jersey's average house price is up by 5%

A mortgage specialist in Jersey has said there is no indication house prices are going up.

Figures released by the States suggest the average price has risen by 5%, but Peter Seymour, from the Mortgage Shop described that as a skewed.

The figures compiled for the third quarter of 2010 show a 5% rise in the average price of a home.

Mr Seymour said that figure has been skewed by the sale of a larger number of high value four bedroom homes.

He said in reality, there has been little change in the value of property in Jersey for the last two years, and prices may even be falling.

Mr Seymour said with interest rates remaining at their lowest levels in living memory, it was a buyers' market.

He added that currently vendors have to reduce asking prices to make sales.

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