Vowden said he expected the next few months to look tougher.
He said: “The pricing of the Middle East hasn’t filtered through.
“Transactions take six to eight weeks in sales.
“So we’re only just seeing people struggling to get mortgage offers. Applications that are being made are taking longer.
“Fast forward and all of a sudden conflicts in the Middle East, inflation goes through the roof, oil prices fly and all of a sudden we’re talking and having conversations that the base rate looks like.”
He added that the cost of living in Jersey exacerbates the difficulties with the average three bedroom house now costing £695,000.
Vowden said: “The reality is that the average couple can only afford a one-bedroom flat.
“It’s a million miles away from people’s affordability based on earnings.
“And if that’s only going to get worse, or going to get more challenging because rates are going to go up, the only thing that we can control is prices coming down.
“Because we can’t control the mortgage rates.”