Figures released today actually show that house prices in the Island have, on average, gone up by two per cent in the last 12 months.
However, it was the smallest increase for four years and the news for the first half of this year is not so promising for home owners. The number of houses changing hands is a long way down on the long-term average. And the average price of a house fell by £20,000 in the second three months of this year compared to the first quarter.
Figures produced by UK estate agents Knight Frank show that, at the end of the first quarter of 2009, house prices had fallen over the past 12 months by 16.9% in America, 16.5% in the UK and 5.7% in France.
While home owners might breathe a sigh of relief, the news for tenants is not so rosy. New data indicates that rents have gone up eight per cent in the year to June and are four per cent up in the past three months compared to the first quarter of 2009. The figures are a snapshot obtained from studying the rents paid by people seeking permission from the States to rent for the first time.