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Jersey Consumer Council

Consumer News

SEP 2014 EDTN 67 JCC NEWLETTER

January 21, 2016 Newsletters No Comments

Mortgages

Background

The last 5 years, since 2009, has seen a fall in property prices in Jersey and the trend is continuing, but now at a slower rate. As an example, a 3 bedroom house which was selling for £535,000 in 2008 is selling for £420,000 in 2014. Currently, house prices are very much open to negotiation, but it is predicted that house prices will rise slowly in 2015.

First time buyers, many of whom relied on a contribution from parents or family for a deposit, dried up completely from 2009 onwards as parents felt it wiser to hold on to their funds to see them through potential difficulties during the recession. Real confidence returned in September 2013 and now many more first time buyers and home movers are coming to the market.

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