Jersey’s HNW Appeal Channels Prime Price Growth

Note: This Story was originally published on Prime Resi.

There’s been a notable pick-up in activity at the top-end of Jersey’s residential property market, reports Knight Frank, with 84% more £1m+ deals going through in the first half of this year compared to the same period in 2017.

£1m+ sales accounted for more than 10% of the island’s total resi market activity so far in 2018, up from just 5.6% in the previous year.

Property prices in Jersey have been rising since early 2015, in the longest period of sustained annual price growth since 2009. After rising by 6.5% in the year to June 2018, the average price of home on the island now stands at £480,000; that’s 12% above the previous market peak, according to data collated by Jersey Statistics.

Just over 800 properties transacted in the first six months of 2018, which is roughly in line with the comparable figure for 2017 – but is 16% more than the same point in 2016. It’s the higher-value brackets that are seeing the most change, though. Knight Frank reports that the number of £1m+ deals increased by 84% compared to last year, while there were 19 sales of homes valued at between £1.5m and £2m over the same period – an increase of 73%. Sales of prime property homes priced above £2m increased by 46%.