House price rise set to continue

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Mr Seymour also said that one lender had recently withdrawn its entire range of mortgage rates and was expected to replace them with rates pitched at a higher level.

FIRST-TIME buyers are being warned that getting on to the property ladder could become even more difficult, with prices expected to continue to rise following a bumper year for mortgage lending in Jersey.

The increased borrowing is believed to be a generally positive sign of the Island’s economic performance as Jersey continues to recover from a flat period of activity that followed the global financial crash of 2009.

Peter Seymour, the managing director of the Mortgage Shop, is predicting that total residential mortgage lending in 2016 is likely to hit £1 billion for the first time.

But he said that while homeowners may be pleased, Islanders trying to secure their first property may face a greater financial burden.

 

 

 

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Comments for: "House price rise set to continue "

Kaz81

No wonder Mr Seymour looks smug.

Only means more people will need social housing and therefore a bigger drain of tax payers money.

Judge Judy

I'm not surprised Mr Seymour looks happy and of course "homeowners may be pleased" is perhaps an understatement.

They are all party to the infamous Jersey greed syndrome. First time buyers on Jersey have been struggling, to even raise a deposit, for the last 40 years.

If house prices stay the same for a couple of quarters estate agents almost panic. House prices have been kept artificially high for all the wrong reasons.

Why are building costs, nearly four times those of the UK ? Greed from the builders, estate agents, homeowners and of course the banks are all caught up in this 'lets make as much profit as possible' with no thought of young couples trying to start off their lives with not having to pay rent to some property speculation company.

Claude

I would be surprised if building costs are 4 times that of the UK.

For schools and hospitals that seems to be the case, but for houses?

Judge Judy

In July 2016 the average cost of a 3 bed semi-detached house in England was £215, 929.

In the same period in Jersey for the same type of house, the average cost was £460,024.

Is there any hope for young couples without the help of some aunt or other family member ?

air con

The only reasons homeowners would be pleased is if they are either downsizing, to release equity, or leaving the island.

If, as a homeowner, you see all prices rise by the same percentage then moving up the property ladder becomes less achievable and first time buyers can't get on the ladder at all.

Overpopulated

It depends upon which area of the UK you include. In London quite small houses can be £1m plus.

In popular commuter towns an hour on the train to London houses are a comparable price to Jersey. Other popular places like Bath, Oxford etc can be more expensive.

Property in the North of England can be a fraction of the cost of Jersey, but there are no well paid jobs

Prices in some places like Bradford are cheap for a reason....

JeanD

My daughter moved away from Jersey, as she couldn't see a future here, and she doesn't regret it for a moment!

She and her husband bought a place in a Dorset village last year, and it's simply beautiful. In Jersey they would never been able to afford it, not even close