Hope for 'bumper year' for Jersey's housing market

Housing industry experts are optimistic 2026 will be a better year for people in Jersey looking to buy and sell homes.

Estate agents said an increase in the number of homes being sold combined with improved consumer confidence following the Bank of England's reduction in interest rates suggested the market had stabilised after a difficult period.

Property lawyer Melanie Guest said the years 2023 and 2024 were "a hiccup", with the annual turnover in homes reaching the lowest point since 2002.

She said prices had now returned to "normal" after a post-Covid spike and she was hoping for a "bumper year".

Guest said she saw a lot more people buying and selling towards the end of 2025, which had continued into the new year.

She said: "A lot of people up-sizing, a lot more first-time buyers.

"And I've got some estate agent friends who said they have been so busy the last two weeks with viewings, so that's a good sign."

Estate agent Gill Hunt agreed that things have been busy.

She said: "Over the Christmas period, people were still viewing and offers were being made.

"Prices have softened and it is a good time to buy."

While confident that the higher-end of the market would be buoyant in 2026, she warned that there was an oversupply of apartments on the market which could impact onward sale chains.

Similarly, mortgage broker Gary Tumelty said there were a lot of people struggling to sell properties between £200,000 and £400,000.

"With more entering the market in that level it is a challenge for them to be able to get their next move really," he said.

However, Tumelty said the reduction in interest rates had largely stimulated a lot of activity across the housing market.

"Transactions are starting to complete thick and fast now, which is good news," he said.

The mortgage broker said: "I think the interest rates lowering has been really helpful for people buying because their mortgage amounts are much cheaper and they can borrow more."

Tumelty said with lower interest rates at the end of last year people were, on average, able to borrow £100,000 to £200,000 more.

He added that people selling their homes were becoming "more realistic" on pricing.

"I think those two factors combined together certainly create a more sustainable sort of progressive housing market," Tumelty said.

When asked whether people selling homes would lose out due to lower prices, President of the Jersey Estate Agents' Association John Quemard said it was all relative.

He said: "If you're looking at selling a property in Jersey and buying another property in Jersey, then the prices are relative because what you're losing, you're going to gain on your next purchase.

"But if you're in the property market for a long time, for longevity, then these things will sort themselves out naturally."

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