The latest house price index showed little change in property values, with the average price of a three-bedroom house static at about £510,000.

But a leading estate agent says that banks are lending more cash, with some couples borrowing five-times their joint salaries.

According to the index published this morning, the price of one-bedroom flats dropped 8% in the first three months of 2011 and two-bedroom flats rose 7%, but the States Statistics Unit and estate agents say that is down to specific developments at Castle Quay and Saviour’s Place coming on the market.

• See today’s JEP for te full report

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