ST HELIER, Jersey, February 21, 2011 /PRNewswire/ -- - Jersey House Price Information Released - Strong Gains in Selected Sectors Since March 2010 - Skipton International Report Buoyant Enquiry and Demand Levels
Average house prices fell by 2% during 2010 compared to the position at the end of 2009, according to data released this month by the States of Jersey. However, the quarterly figures may hide a more complex picture, as prices have risen steadily since the low point of GBP473,000 reached at the end of March 2010 to finish the year at GBP504,000, virtually equalling the GBP508,000 high point reached in 2008.
The last six months have seen a resurgence of property sales in the four bedroom house category, with values in this sector moving ahead noticeably to an average figure of GBP768,000, up from GBP754,000 at the end of September. The average value in this category had now risen by over GBP110,000 since March 2010. The average value of two bedroom flats rose strongly from GBP302,000 to GBP312,000, whilst three bedroom houses, the most popular sector in the market, held firm at GBP518,000.
Reviewing the data, Nigel Pascoe, Director of Lending for Skipton International (http://www.skiptoninternational.com/), the Jersey mortgage specialists who recently reported new lending volumes rising over 95% in 2010 said, "Taken as a whole, the Jersey market has delivered a flat performance, compared to 2009 and indeed 2008. However, since March 2010, values in the key sectors of 2 bedroom houses and flats and 4 bedroom houses have performed well. Here at Skipton International, we are seeing high levels of interest, suggesting the market has some way to run yet."
Following the jump in sales volumes seen at the end of September, activity levels in the market cooled during the closing months of the year, with 170 houses and flats sold. Over the year, the average quarterly volume of sales now stands at 185, up from 175 at the end of 2009. Sales slipped back in all categories, with 1 bedroom flats particularly badly affected, where the numbers sold dropped from 43 at the end of September back to 15, a figure which is closer to the 2010 average of 20.
In the UK as a whole, according to the UK Land Registry, over the year to December 2010, prices rose only slightly by 1.2%, with London leading the way with a 6.2% rise. The picture for UK prices in general is now one of a broadly stable market, with modest growth in London due in part to foreign buyers whilst elsewhere, prices are flat or falling. Growth in the South West, for example, was just 1.1%, well below headline inflation.
Nigel Pascoe ends, "We are now seeing consistently higher levels of enquiries in the market, as confidence builds. Although average prices have not advanced significantly over the past two years, they have not fallen back either, illustrating the strength and depth of the Jersey market. Moving home and trading up is a natural activity, so it is reasonable to expect demand levels, which have been low by historic standards for three years now, to recover. As sales rise, so the market should progress. There is a range of mortgage products in the market for all classes of buyer to choose from, including our 100% loans ( http://www.skiptoninternational.com/mortgages/jersey.aspx) which have been popular both here and in Guernsey, where we are now the largest lender. Our commitment to demystify the market and guide buyers to the best product for their circumstances is as vital as ever in these times."
For further information regarding Skipton International visit http://www.skiptoninternational.com or call +44(0)1481-730-730.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
1. Skipton International Limited (SIL) will lend on residential properties in Guernsey, Jersey and Alderney and the criteria on maximum loan to value is as follows:
Next Generation Mortgage with third party security guarantee - 100%
Standard variable rate loans, fixed are loans, base rate tracker - residential only - up to 90%
Buy to let, base rate tracker residential - up to 80%
The maximum term is 25 years.
2. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
3. Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4th largest building society with over GBP14 billion assets.
4. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.
5. Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of its own assets and whilst SIL remains a subsidiary of Skipton Building Society.
6. As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the "Scheme") established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.
- The Scheme only applies to 'qualifying deposits', which broadly means deposits made by natural persons for their own benefit; with a few limited exceptions such as, for example, deposits made by trustees of retirement annuity trust schemes, the Scheme does not apply to companies, trusts, partnerships or charities. - The Scheme will provide compensation in the event that a Licensed Bank is unable to repay its depositors. Under normal circumstances, payment will be made within 3 months of receipt of a valid claim form. - Compensation is limited to a maximum of GBP50,000 per individual claimant; in the case of a joint account each depositor would be entitled. - Total Scheme compensation in any five year period is limited to GBP100 million. If claims exceed this cap, compensation would be reduced pro rata. The cap also means that compensation in respect of any one bank cannot exceed GBP100 million. - The amount payable may be reduced if the Bank has any contractual right of set-off against the account. The Scheme is entitled to recover compensation from any funds subsequently paid out by the Bank. - Further information and a leaflet about the Scheme is available at: Website: http://www.dcs.gg Telephone: +44(0)1481-722756 Post: P.O. Box 380, St Peter Port, GY1 3FY
7. Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.
8. SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information, including reports and accounts, is available from http://www.skipton.co.uk.
9. Copies of the latest SIL audited accounts are available on request. Media contacts: Please contact: Guy Stephenson/Jennifer Duffy Nacelle Limited Tel: +44(0)20-8333-9125 +44(0)7980-241-558 E-mail: email@example.com
SOURCE Skipton International