Jersey

Jersey house prices drop for sixth year, figures show

Houses Image copyright PA
Image caption The average price of £375,000 for a two-bedroom house last year was the lowest recorded since 2007

House prices have fallen in Jersey for a sixth consecutive year, according to government figures.

Values have been dropping since 2009, the most sustained fall in 30 years, however estate agents denied the property bubble had burst.

The average price of £375,000 for a two-bedroom house last year was the lowest recorded since 2007.

The States statistics unit said since the last peak in 2009, average prices have fallen about 6%.

Katie Falle, from the unit, said: "Since 2009 one and two-bedroom flats have held their value.

"However houses have lost more value on average. We've seen four-bedroom houses fall on average by £50,000. Three beds have come down by about £40,000."

Ms Falle said it was the most sustained fall in 30 years.

Estate agents on the island denied the housing bubble had burst.

Roger Trower, the managing director of Broadlands Estate Agents, said: "Things were going flat out in 2007/8.

"We had a 100% mortgage product in the market which was supporting first-time buyers which was pushing everything else forward, then that was removed.

"Immediately the market had to readjust, so we've been fairly static since that time."

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