Islanders who were hoping to see the drop will now have to wait ‘until the time is right’, says the Housing Minister.

Senator Terry le Main said that reducing the qualifying period from 12 to 11 years would put enormous pressure on the market.

The news will disappoint many Islanders who have been planning for the day their ‘quallies’ arrive, giving them the right to purchase a home.

This week saw the announcement that the average price of a three-bedroom home in Jersey is £470,000, with, according to one mortgage lender, virtually all buyers working in the finance industry.

States.’