sthetatus of the residential property market in Jersey! by JONATHAN HUGHES, PARTNER, HEAD OF OGIER’S LOCAL LEGAL SERVICES AND CO-HEAD OF OGIER’S PROPERTY
Jonathan asks Bradley Vowden, Director for Gaudin & Co those burning questions we all have about the status of the residential property market in Jersey…
Jonathan Hughes (JH) - What is your overall view of the Jersey residential market?
Bradley Vowden (BV) - Five years since the financial crisis began; the latest Jersey House Price Index statistics show that estate agents are beginning to see increased activity within the residential market. There is certainly a long way to go before prices reach the levels that were seen in late 2007 and early 2008 but, what is extremely encouraging is that transactions are back to levels last seen in 2006, with a plentiful supply of properties on the market within all price brackets, attractive rates on offer from major lenders, and buyers now actively looking to move to new homes.
The new States of Jersey deposit scheme has recently been introduced and this has increased
activity for first time buyers within this arena. We therefore expect that this area of the market will continue to see growth over the coming months. Similarly enquires but more importantly sale completions within the High Value Residency spectrum have seen increased activity. I believe this will continue during the first quarter of 2014 before the end of the UK Financial Tax year and hopefully beyond that date as Jersey continues to attract more High Value Residents over the coming months and years.
(JH) - If you are a first time buyer, or you have accepted an offer on your current home, how can you make sure you find your next home, offer the right price and get moving?
(BV) - Know your price range Talk to or visit your bank or an independent mortgage advisor
before you start viewing properties, and be sure to take your financial information with you. Knowing your deposit account balance, salary details and usual monthly spending patterns will help you quickly get an indication of how much you will be able to borrow. Having this information before you go house hunting will save you the disappointment of finding that your dream home is not within your budget.
Once you have a budget, calculate your purchase costs (and sale costs, if necessary) by calling a lawyer for a fee quote and stamp duty estimate - the calculators on
www.ogierproperty.com can help you with this.
(BV) - Do some research? Buyers often don't really know what they want until they see it,
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20/20 Habitat - The Home
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