Despite the drop of 1% shown in the latest quarterly Jersey House Price Index, the trend shows that taking into account the stamp duty rise and the smaller number of court sittings, more properties are currently being bought and sold.
The developments that we are currently seeing mark a return to a more traditional housing market. Instead of buying and selling property as a fast way to make money, or immediately moving into a three bed family home, first time buyers are starting off in a smaller property and buying and selling in an upward cycle over a longer period of time - moving up to a two bedroom, then into their first three bed family home, then eventually buying a bigger family home to reach their 'dream house'.
While the generous bank lending days of the past encouraged people to make less, bigger moves over a shorter period of time, we are noticing that more regular, smaller moves are becoming the norm, encouraging more movement in the market generally.
For more information on how Collas Crill can advise you with property transactions please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
