Jersey Housing Affordability Index
The Jersey Housing Affordability Index (JHAI) indicates whether a working household with average (mean) income is able to purchase a property affordably. The level of the overall index does not represent any specific level of affordability but instead is designed to track overall affordability over time.
In 2023:
- overall housing affordability worsened on an annual basis
all property types were less affordable to purchase than in 2022
a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size or a 2 bedroom flat
a working household with mean net income was able to service a mortgage affordably on the purchase price of a median priced 1 bedroom flat
the ratio of median dwelling price to equivalised median household income in Jersey was lower compared to 2022 for all property types; however, this was outweighed by higher mortgage interest costs, resulting in worse housing affordability overall
Jersey Housing Affordability Indices
Source: Statistics Jersey,
download the chart data
Download Jersey House Price Index Report Fourth Quarter 2023
House price distributions
Property sales by price band
Source: Statistics Jersey,
download the chart data
Several types of property are not included in the HPI as they are not sold often enough to accurately measure a price average. These being: bedsits, 3- or more bedroom flats, 1- and 5- or more bedroom houses. These extra properties are included here.
Properties which have restrictions on who can purchase them are still excluded; those sold via the housing gateway, First Time Buyer restricted and age restricted properties.
Long term trends in house prices
Annual percentage change in the Jersey House Price Index
The above figure shows the property price changes in Jersey on a calendar year basis from 1986 to 2023. The most recent change in the Jersey House Price Index recorded in 2023 was a 3% decrease compared with 2022.
As is clear from the above chart, property prices in Jersey have seen three periods of strong growth during the last three decades. Peaks in the annual rate of increase occurring in 1989, 1998 and 2008. Each of these years recorded annual price increases of more than 20%. In the past, such peaks were followed by periods of lower rates of increase. More recently from 2010 to 2013 by a period of sustained decline in average prices.
Shown below are mean prices for specific property types from 2011 to 2023.
Mean prices for individual property types 2011 to 2023
2011
| £200,000 | £321,000 | £408,000 | £522,000 | £697,000 |
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2012 | £204,000 | £350,000 | £388,000 | £496,000 | £654,000 |
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2013 | £210,000
| £335,000 | £371,000 | £488,000 | £708,000 |
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2014 | £211,000 | £346,000 | £402,000 | £506,000 | £766,000 |
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2015 | £215,000 | £341,000 | £426,000 | £529,000 | £774,000 |
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2016
| £219,000 | £348,000 | £413,000 | £533,000 | £803,000 |
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2017
| £224,000
| £356,000 | £423,000 | £552,000 | £832,000 |
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2018
| £248,000 | £397,000 | £459,000 | £592,000 | £915,000 |
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2019
| £261,000 | £408,000 | £489,000 | £635,000 | £962,000 |
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2020
| £285,000 | £431,000 | £548,000 | £671,000 | £1,034,000 |
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2021
| £322,000 | £487,000 | £567,000 | £803,000 | £1,256,000 |
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2022
| £361,000
| £537,000 | £636,000 | £886,000 | £1,302,000
|
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2023
| £345,000 | £566,000 | £622,000 | £823,000 | £1,310,000 |
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Prices are rounded to the nearest £1,000.
Median house prices
The overall mix‐adjusted Jersey House Price Index is calculated from the mean prices of each type and size of property. Examining changes in the median price of dwellings provides a complementary insight into the behaviour of residential property prices.
Median property price of houses sold in Jersey 2011 to 2023
One bed | Two bed | Two bed | Three bed | Four bed |
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2011
| £182,000 | £295,000 | £382,000 | £470,000 | £705,000 |
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2012
| £195,000 | £300,000 | £385,000 | £455,000 | £625,000 |
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2013
| £208,000 | £300,000 | £351,000 | £440,000 | £645,000 |
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2014
| £204,000 | £315,000 | £369,000 | £471,000 | £675,000 |
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2015
| £215,000 | £315,000 | £400,000 | £475,000 | £730,000 |
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2016
| £220,000 | £320,000 | £400,000 | £495,000 | £750,000 |
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2017
| £225,000 | £335,000 | £407,000 | £525,000 | £754,000 |
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2018
| £250,000 | £350,000 | £430,000 | £560,000 | £810,000 |
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2019
| £265,000 | £375,000 | £465,000 | £590,000 | £856,000 |
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2020
| £290,000 | £405,000 | £536,000 | £630,000 | £895,000 |
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2021
| £320,000 | £460,000 | £540,000 | £735,000 | £1,150,000 |
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2022
| £349,000
| £515,000 | £625,000 | £835,000 | £1,240,000 |
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2023
| £335,000 | £500,000 | £600,000 | £765,000 | £1,200,000 |
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First time buyer market
The Jersey HPI specifically excludes transactions that have restrictions on who can purchase the properties. A particular group of interest that are excluded are those restricted to first time buyers, both those with planning restrictions and those sold through the affordable housing gateway. Housing gateway properties are often sold with a portion of the property price retained in the form of a bond. This analysis uses the full property price to be comparable with first time buyer restricted properties. In 2023 the First Time Buyer Market Index saw an annual decrease of 1% compared with 2022. This was around 2 percentage points higher than seen by the House Price Index between 2022 and 2023.
Source: Statistics Jersey, chart data
Rental stress
The 30/40 rental stress measure refers to the point at which a household in the lowest 40% of the entire equivalised income distribution spends more than 30% of its gross income (including benefits) on housing costs. Such households are classed as in rental stress.
Percentage of lower-income households living in rental stress (30/40 method); by tenure
2009/2010
| 60%
| 43%
| 61%
|
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2014/2015
| 79%
| 82%
| 70%
|
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2021/2022
| 71%
| 82%
| 44%
|
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It should be noted that this is not updated annually, being only possible to update after a Living Cost and Household Income Survey has been completed.
Movements in the housing market
Looking at transactions where the purchasers bought and sold exactly one property in the same period, it is possible to compare the properties they have moved between. In 2023, of the transactions included in this analysis, 65 households upsized, 44 downsized and 30 moved to a property of the same size. These movements resulted in 30 more bedrooms being occupied by households.
Difference in property price for upsizing households
Overall | £287,000
| £334,000
| £290,000
| £367,000
|
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Per bedroom | £205,000
| £226,000
| £223,000
| £270,000
|
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Difference in property price for downsizing households
Overall | (£245,000)
| (£477,000)
| (£194,000)
| (£303,000)
|
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Per bedroom | (£163,000)
| (£319,000)
| (£193,000)
| (£298,000)
|
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Values within brackets signify that an average household has moved to a less expensive property.
Previous reports
The latest housing affordability report is included in the most recent fourth quarter House Price Index report above, and should be referred to in the first instance as it has the most recent figures and revisions. For reference, previous housing affordability reports are listed below.
Jersey House Price Index Report Fourth Quarter 2023
Jersey House Price Index Report Fourth Quarter 2022
Jersey House Price Index Report Fourth Quarter 2021
Jersey House Price Index Report Fourth Quarter 2020
Jersey House Price Index Report Fourth Quarter 2019
Jersey House Price Index Report Fourth Quarter 2018
Jersey Housing Affordability Report 2017
Jersey Housing Affordability Report 2015
Jersey Housing Affordability Report 2013
Jersey Housing Affordability Report 2012
Jersey Housing Affordability Report 2011