Property prices drop by 5%

The Jersey House Price Index figures, released today, show that between January and March this year there was a five per cent fall in house prices compared with the last three months of 2009. This is also a five per cent drop on the average price of a house for 2009.

According to the latest figures, based on the first three months of this year, the average price of a home in the Island is now £473,000 – a drop from £507,000 for the same period last year.

Two-bedroom flats and four-bedroom houses fell by ten per cent and one-bedroom flats dropped by three per cent compared to the 2009 average.