in certain circumstances for the borrowers.


At the upper end of the market, which is where my own interest lies as a mortgage lender at Investec Private Banking, the local professionals, and high net worth individuals typically have assets to fall back on and a 30% deposit is more easily achievable and is typically more secure for the lender.


There is an increased level of transactions in this sector with new individuals moving to Jersey not only for the more favourable tax advantages but also because it is a beautiful and safe place in which to bring up a family. In 2014, £93m worth of property within Jersey was purchased by high net worth individuals, (provided by Locate Jersey) which is surprising as properties valued in excess of £5m accounts for just 0.5% of our total transactions.


The turnover of properties in Q3 2014 was marginally lower than in the previous quarter, but perhaps that can be put down to the long hot summer that we all enjoyed. Share Transfer transactions accounted for slightly more than half of all eligible flat sales in Q3


2014, a similar proportion to that recorded in calendar year 2013 .


In summary, 2014 has shown signs of a return to normality – house prices are still negotiable, interest rates are the lowest that we will probably ever see and there are plenty of houses and flats on the market to suit all tastes.


20/20 Finance & Investment


Page 75


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