Jersey publishes Q3 house price report

Posted: 20/11/2023

The house price report for the third quarter of 2023 has been published by Statistics Jersey.  

The Jersey House Price Index measures the combined average price of one- and two-bedroom flats together with two-, three- and four-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.


The previous two quarters saw a significant proportion of transactions (45%) take place as the result of completions occurring in new developments. 

This quarter has, in contrast, seen a low proportion of transactions (less than 5%) as a result of completions in new developments. This has a particular impact on turnover and the composition of market sales statistics. 

The low turnover has had significant impact on the price levels in this quarter, particularly for four-bedroom houses. 

This is due to turnover of higher priced (greater than £1.5m) four-bedroom houses remaining similar to previous years but turnover of lower priced four-bedroom houses decreasing.


In the third quarter of 2023 on a quarterly basis:
• The seasonally adjusted mix-adjusted average price was 2% higher compared with the previous quarter
• There was a 2% annual decrease in the House Price Index – the first time since Q1 2014 that consecutive quarters have seen an annual decrease
• The price of one-bedroom flats and two- and three-bedroom houses all saw an annual decrease
• Four-bedroom houses saw an annual increase in price
• Two-bedroom flats were essentially unchanged in price on an annual basis.

The turnover of properties was 62% lower than in Q3 2022 – Statistics Jersey highlighted the following points in this quarter:
• There was the lowest turnover of properties (155) since at least 2002, the previous low point being 162 properties in Q1 2013.
• 8% of properties transacted were not purchased to be the main residence of the purchaser(s), a 20 percentage point decrease from the previous quarter.

Overall housing market activity, on a rolling four-quarter basis, was 22% lower compared with the previous quarter (Q2 2023) and 42% lower than in the corresponding quarter of 2022 (Q3 2022).

On a rolling four-quarter basis, advertised private sector rental prices were 3% higher during the year ending Q3 2023 compared with the year ending Q3 2022.

Read the full report here

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