Property prices up by almost 6% on last year

Thursday 12th May 2011, 2:29PM BST.

PROPERTY prices have continued to rise, latest Policy Council figures have confirmed.

The average has increased by 5.7% during the last year, and now stands at more than £424,000.

This is about £60,000 more than the average as at the end of 2010 but States economist Andy Sloan explained that this was not a literal increase, but instead caused by the Policy Council changing the methodology used to calculate the island’s average property price.

The previous calculation of a ‘median’ average was not, he said, a fair reflection of the market and was too volatile because it was dependent on the sorts of properties sold during a specific timeframe.