House price statistics

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House Price Index for the third quarter 2024

Context

In 2023 there was a significant proportion of transactions (39%) taking place as the result of completions occurring in new developments. This quarter saw fewer than five transactions (less than 3%) from new developments, meaning that there was a more limited impact on turnover and prices than seen in 2023. This should be considered when comparing figures from this quarter and the prior year.

Additionally various stamp duty and land transaction tax changes took effect from 1 January 2024. In particular, the maximum purchase price to be eligible for paying first time buyer stamp duty or land transaction tax was increased from £500,000 to £700,000 (the last such increase was from £450,000 to £500,000 in 2018).

Most sales related to phase one of the First Step Scheme were completed this quarter. These transactions are generally included in the House Price Index unless excluded for specific reasons (see Notes for details of these exclusions). The scheme contributed to the quarter’s turnover, with 18 transactions in phase one, mostly in this quarter. Additionally, the First Step scheme transactions contributed to a small number of chains being completed (fewer than five). Due to the nature of the scheme, these transactions are excluded from the loan-to-value analysis.

Summary

In the third quarter (July to September) of 2024:
on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q3 2024 was 3% lower when compared with the previous quarter (year ending Q2 2024)
on a quarterly basis:

the seasonally adjusted mix-adjusted average price was 3% lower compared with the previous quarter and 12% lower than in the corresponding quarter of 2023 (Q3 2023)
this was the largest annual decrease in prices since at least 2002
1-bedroom flats saw the largest decrease (9%) in price compared with the previous quarter
2-bedroom houses saw an annual increase in price of 2%; all other property types saw an annual decrease in price of between 9 and 20%

the turnover of properties was 12% lower than the previous quarter but 19% higher than in the corresponding quarter of 2023
overall housing market activity, on a rolling four-quarter basis, was around 1% higher than in the previous quarter (Q2 2024) and 33% lower than in the corresponding quarter of 2023
on a rolling four-quarter basis, advertised private sector rental prices were 2% lower during the year ending Q3 2024 compared with the year ending Q3 2023

Jersey House Price Index

Source: Statistics Jersey, chart data

Previous reports

You can search by year for previous House Price Index reports on Statistics Jersey reports and documents.

House prices, retail prices and earnings

A comparison between the Jersey Retail Prices Index, the Index of Average Earnings and the House Price Index is shown below. Since 1997 house prices in Jersey have seen a greater overall increase than earnings and retail prices.

Retail price, average earnings and house price indicies

Source: Statistics Jersey, chart data

Calculating the Jersey House Price Index

The average cost of dwellings in Jersey is measured quarterly by the Jersey House Price Index. This index measures the combined weighted average price of one and two-bedroom flats and two, three and four-bedroom houses.

The principal data sources on the transaction prices of property sales used in the Jersey House Price Index are:

the Public Registry Index and Document Enrolment (PRIDE) database for freehold and flying freehold properties
the States of Jersey Taxes Office for share transfer transactions

The above data are supplemented by information on the type and size of each property provided by the States of Jersey Population Office.

Private Sector Rental Index

The Jersey Private Sector Rental Index was published from 2007 until 2012 using rental consent data from the States of Jersey Population Office. The index was derived from the mean rent of properties for which rental consents were granted by the Population Office during each quarter, not from all private sector rents in the Island.

The Private Sector Rental Index was not produced from December 2012 to June 2015 due to the rental data no longer being collected. More recently a revised index has been produced using advertised rental prices from both internet and classified adverts. This data is currently published as part of the house price index report.

Royal Court housing activity

Royal Court transactions represent essentially all the residential house sales and around 30% of residential flat sales in Jersey. Generally, Royal Court transactions account for around three-quarters of the residential properties that are included in the House Price Index, the remaining property transactions that make up the House Price Index data are transacted by share transfer.

Cumulative total of HPI eligible Royal Court transactions

Source: Statistics Jersey, download the chart data

Data Tables

You can access the data tables on the open data website.