House prices among the world’s least affordable

Call to stamp out stamp duty
The median house price in Jersey is £410,000, while the average household income is £43,100, according to the States 2014 and 2015 Housing Affordability Surveys.

JERSEY is among the least affordable places for housing in the world, according to statistics released to the JEP.

On average, house prices in the Island are 9.5 times higher than the average annual household income – the same level as Melbourne, which was ranked as the sixth least affordable place to buy in the world.

A recent survey of 406 housing markets across nine major countries ranked them in order of least affordable when compared with the average salary.

That survey, which ranked Bournemouth ninth in the world and most expensive in the UK above Central London, did not include Jersey.

However, figures from the States Statistics Unit reveal that Jersey would rank higher than the Dorset town.

In comparison property prices in Bournemouth were 8.9 times higher.

If the same criteria were applied to Jersey, Demographia, the property consultancy firm behind the study, would class the Island as ‘severely unaffordable’.

 

 

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Comments for: "House prices among the world’s least affordable"

Finding Me:Mo

I wonder if the likes of Minister Anne Pryke and Assistant Chief Minister Routier truly understand the what this means.... that's rhetorical ... They obviously do not!

OneRuleForOneAnotherForAllOthers

3 and 4 bed houses in and around Bournemouth and Poole can be purchased for 235,000 and if one goes slightly further out to Hove and Brighton, you can pick up a 3 bed house in need of some modernisation for 150,000, if that. Nowadays in Jersey, houses that could be sold for 650,000 in 2007 are now only selling for 500 to 520,000, if that. There are some properties on the property page that have been for sale for over 10 years, seriously overpriced, and not a hope in selling unless reduced to half. The chances of selling your home if it is priced over 1.5 million is literally 1 out of 10 let alone in a reasonable time frame. It will take years to sell. Even for a cash buyer incoming to the Island the choice of property is huge now. I bought my house in 1997 for 180,000. 4 bedrooms, parking for 8 cars and lovely garden in a quite area. A silly estate agent from a well known King St shop recently told me to market it at 1.2 million and I laughed as I had already had 3 other estate agents from less well known agencies who all valued it within 25,000 of 700,000. These agents are seriously over valuing property and is it selling ? NO. What does it tell us ?

st helier girl

It tells us they are greedy and want big commission ? ;-)

AJ

property is far overpriced in this Island....I've known properties that have been up for sale for years,estate agents yes overprice for sure...pryke goes on about affordable housing ,well sorry start to take land for building around the outskirts of St Helier,make affordable houses,it can be done...just stop going on about it and do something!

Judge Judy

At least Jersey actually is among the world leaders at something.

Greed, corruption, cutting back social security payments, officials overspending and wasting taxpayers money our educational system stretched and struggling to cope.

Our politicians are finally getting their way in turning our island into another Singapore or even a Hong Kong as we are one of the least affordable places to buy in the world and most expensive places to live.

Ordinary working people and university students are struggling at the moment but are not more important than maintaining property prices.

Overpopulated

There have been thousands of flats/houses built in the past 10 years yet people keep moaning. If you want to buy a house and can't afford it - move - Jersey is no longer that wonderful

Andre

Consider the origins of this permanent status quo of unaffordable housing:

The COM insist on growing the population to 'grow the economy'. Which perpetuates the shortage of affordable housing. Which pushes up the cost of housing. Which pushes up the cost of living. Which pushes up the cost of wages and running a business here. Which makes Jersey businesses more expensive. Which makes them less competitive. Which leads to, errr,,,,,,,,,, economic decline!

Just brilliant! You couldn't invent it! But the developers and building industry do very well out of this perma-housing shortage. Take their elements out of the figures for Jersey's economic activity and see what's actually left! A property bubble perhaps?

Steve-o

If a town or city or even islands around the globe can sustain high property prices it is usually a sign of a good...buoyant.... and stable economy ... certainly not great for a lot of residents... but that is generally the case.

Katfud

The trouble is that house building projects are too easy to torpedo at the planning stage, house prices rising are seen unavoidable consequence.

Kaz81

Vested interest.

As long as there are States member who benefit from high house prices brought on by supply and demand then don't expect any changes in policy.

Gisabreak5

Lets be Honest many Houses are NOT worth a *tenth of the price, on a general *Channel Islands and mainland *Britain note, much of it appears all to be about utter selfish materialism. At the end of day much smacks of greed and profit. Apparently even your humble small second hand mobile home is banned in the Channel Islands, . Umm ** Love thy neighbour but build a fence** comes to mind with some. What next ?. Anyhow I would probably have a better quality of **real life living on the Scottish Borders away from suffocating boring materialism..