THE stream of UK property speculators buying up premises in Jersey has all but dried up, according to specialists.
Jon Carter, senior director at CB Richard Ellis, said in recent months there had been a noticeable tail-off in interest from the UK, although there continued to be movement in the local market.
‘From the commercial side there has not been a downside in Jersey at all,’ he said. ‘We’re seeing a lot of private wealth, people using cash, making small investment deals. But we’ve not seen the interest from the UK that was there before.’
Mr Carter said that whereas a typical institutional investor from the UK or from Ireland would be looking for properties of £10 million or above, the local market ranged from half a million pounds to around £7 million. He said the reluctance on the part of UK investors undoubtedly stemmed from the current financial downturn, which had sent UK property prices on a downward spiral.
• Picture: Jon Carter, Mark McNicholas and Peter Damesick Picture by David Ferguson (00591046)
