House price rise set to continue

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FIRST-TIME buyers are being warned that getting on to the property ladder could become even more difficult, with prices expected to continue to rise following a bumper year for mortgage lending in Jersey.

The increased borrowing is believed to be a generally positive sign of the Island's economic performance as Jersey continues to recover from a flat period of activity that followed the global financial crash of 2009.

Peter Seymour, the managing director of the Mortgage Shop, is predicting that total residential mortgage lending in 2016 is likely to hit £1 billion for the first time.

But he said that while homeowners may be pleased, Islanders trying to secure their first property may face a greater financial burden.

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