The summer holiday break in Jersey seems to have lasted a long time this year – a reflection perhaps of more disposable income in many Islanders’pockets than has been seen for several years. This is encouraging people to take a holiday in the sun, rather than a “staycation”, with indifferent weather! With children now back to school, it is likely that we will see increased activity in the Jersey market, which, according to The Jersey House Price Index, has had a positive year to date, with transaction levels up year on year. Good news indeed and sign of a confident market place.
There has been no change in any of the 180 plus mortgage products that are currently available from Jersey lenders during the past month, which isn’t surprising when you look at just how low interest rates have fallen.
Whilst restrictions on borrowing placed by some banks can be tight, it is rare Brexit and the falling pound have reopened the debate on when Bank of England Base rate is likely to rise, although there is nothing concrete upon which economists can pin their projections. The latest media comments suggest that economists do not expect UK interest rates to rise until 2019, at which stage there might be a modest increase of 0.25%, which will have an impact on the rates that are currently available.
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