Average house price now £465,000

LOCAL market property prices have risen by more than 4% over the last 12 months to a new average high of £465,008 during the third quarter.

That is compared to £445,326 in 2012, the latest quarterly residential property prices bulletin has revealed.

But States economist Dr Andy Sloan has predicted that prices are stabilising.

In the past house prices have outstripped inflation and pay increases.

But Dr Sloan said that while properties were not getting any cheaper, their rise had been slowing over the last 18 months.

'We hope over the next two to three years to see prices staying the same, in relative terms,' he said.