Estate agents in the Channel Islands are grappling with the worst sales conditions in decades.
And now a new Council of Ministers in Jersey is setting up a Crisis Emergency Taskforce to tackle pressing issues with the island’s property market.
The cost of housing on the island has risen by 16.7% in the last year, and the average house price is a massive £681,000, compared to £291,000 in the rest of the UK.
It’s a huge hit on the industry.”
Daniel Matthews Director of island agency Indigo (main picture) says transactions last year fell from an average of 1,800 to 700, a 61% drop.
“It’s a huge hit on the industry,” he told ITV News.
He said rising interest rates and Stamp Duty levies “have taken their toll”, devastating the local housing market.
Task Force
Jersey’s new housing minister Deputy Sam Mézec, who is also the leader of the Reform Jersey party, set up the task force.
“We need better protection for landlords and tenants in law,” he said. “The work had been delayed, but I want to get that back on track.”
Finding a balance
The Jersey Landlords’ Association said it looked forward to “working constructively with the minister”, but pointed to a recent consultation of more than 300 tenants.
“We trust that Deputy Mézec will not ignore these voices in seeking to find a balance that is right for all stakeholders in Jersey’s housing market,” it said.
Jersey sets out plans to reform rental market
Picture: ITV News