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Things are looking up on the housing market

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JERSEY'S housing market is showing signs of 'confidence' industry experts say, with the latest figures showing that the number of sales during the last quarter reached a ten-year peak.

High levels of employment coupled with low interest rates and more lenders willing to provide mortgages are behind the increase in activity within the market, according to the president of the Jersey Estate Agents' Association and developers Dandara.

Figures published in the latest Jersey House Price Index today show that 389 'eligible' properties were sold between July and September – the highest recorded quarterly figure since 2006. 'Eligible' properties exclude properties such as derelict buildings, bedsits and retirement community developments.

Martin Clancy, Dandara's managing director, said the increase in activity could be linked to employment levels.

'The Island's employment is high – at the highest all-time level, I think,' he said. 'Maybe people are confident and want to go out and get a mortgage and get a home. With low interests rates, mortgages are more affordable now.'

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