Average house price up 7.7%, sales stronger
Thursday 11th August 2011, 2:29PM BST.
LOCAL market property sales could be on the move, estate agents have said, after figures showed the average price was up by nearly 8%
The States residential property prices bulletin for June shows the mix adjusted average purchase price, which reflects the price of both realty and personality, was £427,226 – 7.7% higher than this time last year.
This was down to an extra 20 purchases on 2010 figures with some houses being bought in higher price bands.
Cooper Brouard associate Cathy Gallienne said the signs were encouraging. ‘It always depends how many properties have been sold and what size,’ she said.
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In what way are the signs encouraging? Encouraging for whom? The estate agents? As someone who is desperately trying to buy for the first time, I find these figures distinctly discouraging.
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Pah. Completely agree. Its seems to go over most peoples heads the fact that the house prices going up is off the backs of future generations (their own children, grandchildren, great grandchildren etc). House prices should be fixed permanently at a reasonable level. Houses should not be allowed to be treated as a business. They are homes for people to live and bring up their children.
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If you take into account the rate of inflation, then the rise in prices in real terms is quite small. By the way Pah, re your post, my daughter was always despondent when ever the house prices went up before she managed to buy. Now she jumps for joy and reaches for the calculator when ever the value of her house goes up by a few percent. … funny old world !!
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Theo
I’m sure your daughter will thank you for exposing her as a fool. Anyone who jumps for joy because the house they live in is suddenly worth a few more quid (but it’s still the same house) is clearly of limited intelligence.
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Everybody gets excited when their house is valued higher than what they thought it would be, mine has been priced at 40k above what I paid for it 18 months ago, but what’s the point in that when the next house I try and buy would’ve done the same! I won’t benefit from “moving up the ladder” on this Island, think I’ll take my money and run!
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……….or houses are up in ‘value’ by the real rate of inflation, not the manipulated nonsense the States statisticians peddle to the media.
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Phil.
It was meant as a light hearted post, illustrating how quickly people change camps when their circumstances change. Of course no one jumps for joy when there are small house price increases. I am sorry that the humour of my post was lost on you, but please lighten up and don’t use this medium to insult people you don’t even know.
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In 1995 the States came up with the answer to the affordable homes problem by arranging for the Clos des Pecqueries to be built at La Passee
New houses were made available at £95,000 and flats at even less with some sort of States subsidy.I think the intention was that there was to be some sort of States control over any sell on price
A check on the http://www.guernseypropertyprices.com site shows that those same homes for workers are now selling at £360,000 and above
I think the same scheme was tried at Millmount opposite the custard castle,Courtil Leonie at Grandes Maisons Road and at the old Amherst Police HQ
Whatever controls were put in place obviously haven’t worked as intended
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7% a good return for any investment at the moment and probably part the reason of the large increases, property like gold is seen as a good long term investment and far safer than the banks & fragile stock market and lets not forget the rental income on top. Unfortunately with this commodity in limited supply the price will continue to rise out of the reach of many. Although the property is for local consumption only there is I believe no limit o the number of properties any one person can own. I like many site at the foot of the housing ladder without much hope of getting a foothold. Strange ole world
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Theo
That’s one hell of a sense of humour you’ve got there, ever thought of a career as a comedian?
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Lets not forget that this 7.7% figure is pretty meaningless. Its based on average prices of actual sales over the period so if they happen to have sold a few houses at £2 million it completely alters the average. You would have to accurately revalue an identical home every time to provide an accurate figure.
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Beanjar
Not sure about my maths but those £95,000 houses at Clos des Pecqueries in 1995 now selling at £360,000 have gained an average of 23% per year…£16,500 each year
Where’s the Tardis went you need one?
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Ray
The actual rate is just under 9% once it is compounded.
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Phil
I thought I was a little confounded
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