Housing market 'fragile due to global unrest'
Summary
The housing market in Jersey is showing signs of slowing down because of global uncertainty from the conflict in the Middle East. House prices have dropped, and people are rushing to get mortgage deals before expected interest rate increases by the Bank of England.Key Facts
- Average house prices in Jersey fell by 5% in the first quarter of 2026 compared to the same period in 2025.
- The Middle East conflict has caused global uncertainty impacting Jersey’s housing market.
- Mortgage applications increased from about 20 per month in 2025 to 50 per month at the start of 2026.
- People are nervous about possible Bank of England base rate increases, which could rise by 1.5% later this year.
- Mortgage approvals are taking longer, causing delays in home sales that typically take 6-8 weeks.
- The average three-bedroom house in Jersey costs around £695,000, far above what most locals can afford.
- Middle-income earners in Jersey have lost tax breaks and mortgage relief, making it harder to buy homes.
- Experts suggest politicians should try to support the housing market to help the economy by encouraging more spending and property buying.
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