The house price report for the second quarter of 2020 has been published by Statistics Jersey.
In the second quarter, on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q2 2020 was 1% higher than the previous quarter (year ending Q1 2020).
On a quarterly basis:
• The seasonally adjusted mix-adjusted average price was 1% higher than in the previous quarter and 4% higher than in the corresponding quarter of 2019 (Q2 2019).
• The mean price of one-bedroom flats and three-bedroom houses decreased compared with the previous quarter, by 1% and 2% respectively.
• The mean price of all other property types increased compared with the previous quarter.
The turnover of properties was 56% lower than in Q2 2019 and 32% lower than in Q1 2020. Q2 2020 saw the lowest quarterly turnover for more than seven years, since Q1 2013.
Overall housing market activity, on a quarterly basis, was 31% lower compared with the previous quarter and 54% lower than in the corresponding quarter of 2019.
On a rolling four-quarter basis, advertised private sector rental prices increased by 1% during the year ending Q2 2020 compared with the year ending Q1 2020.
Lorraine Mclean, Mortgage Sales Manager at Skipton International, commented: “The 31% drop in activity in the last quarter will have resulted from the period when the market was effectively closed, but we are still certainly experiencing a lot of demand from home buyers and are open to business.”
• To read the full report click here