Latest report and data
Read the latest
house price index report for first quarter 2024.
Context
Last year saw a significant proportion of transactions (39%) take place as the result of completions occurring in new developments. This quarter saw around 11% of transactions 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 have taken effect from the 1st of January 2024. In particular the maximum purchase price to be eligible for paying first time buyer duty or tax was increased from £500,000 to £700,000 (the last such increase was from £450,000 to £500,000 in 2018).
The historically low turnover seen this quarter should be taken into account throughout the report as it makes average prices more sensitive to values at either end of the distribution.
Summary
In the first quarter of 2024:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q1 2024 was 2% lower when compared with the previous quarter (year ending Q4 2023)
- on a quarterly basis:
- the seasonally adjusted mix-adjusted average price was essentially unchanged compared with the previous quarter and 6% lower than in the corresponding quarter of 2023 (Q1 2023)
- 2-bedroom houses were essentially unchanged in their mean price compared to a year earlier
- all other property types saw a decrease in price compared with a year earlier
- the turnover of properties was 55% lower than in Q1 2023 and 40% lower than in the previous quarter (Q4 2023)
- the lowest turnover since at least 2002
- overall housing market activity, on a rolling four-quarter basis, was around 17% lower than in the previous quarter (Q4 2023) and 51% lower than in the corresponding quarter of 2023
- on a rolling four-quarter basis, advertised private sector rental prices were 3% lower during the year ending Q1 2024 compared with the year ending Q1 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.
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 |
|---|
| 2012 | £204,000 | £350,000 | £388,000 | £496,000 | £654,000 |
|---|
| 2013 | £210,000
| £335,000 | £371,000 | £488,000 | £708,000 |
|---|
| 2014 | £211,000 | £346,000 | £402,000 | £506,000 | £766,000 |
|---|
| 2015 | £215,000 | £341,000 | £426,000 | £529,000 | £774,000 |
|---|
2016
| £219,000 | £348,000 | £413,000 | £533,000 | £803,000 |
|---|
2017
| £224,000
| £356,000 | £423,000 | £552,000 | £832,000 |
|---|
2018
| £248,000 | £397,000 | £459,000 | £592,000 | £915,000 |
|---|
2019
| £261,000 | £408,000 | £489,000 | £635,000 | £962,000 |
|---|
2020
| £285,000 | £431,000 | £548,000 | £671,000 | £1,034,000 |
|---|
2021
| £322,000 | £487,000 | £567,000 | £803,000 | £1,256,000 |
|---|
2022
| £361,000 | £537,000 | £636,000 | £886,000 | £1,302,000 |
|---|
|
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 |
|---|
| 2011 | £182,000 | £295,000 | £382,000 | £470,000 | £705,000 |
|---|
| 2012 | £195,000 | £300,000 | £385,000 | £455,000 | £625,000 |
|---|
2013
| £208,000 | £300,000 | £351,000 | £440,000 | £645,000 |
|---|
| 2014 | £204,000 | £315,000 | £369,000 | £471,000 | £675,000 |
|---|
| 2015 | £215,000 | £315,000 | £400,000 | £475,000 | £730,000 |
|---|
2016
| £220,000 | £320,000 | £400,000 | £495,000 | £750,000 |
|---|
2017
| £225,000 | £335,000 | £407,000 | £525,000 | £754,000 |
|---|
2018
| £250,000 | £350,000 | £430,000 | £560,000 | £810,000 |
|---|
2019
| £265,000 | £375,000 | £465,000 | £590,000 | £856,000 |
|---|
2020
| £290,000 | £405,000 | £536,000 | £630,000 | £895,000 |
|---|
2021
| £320,000 | £460,000 | £540,000 | £735,000 | £1,150,000 |
|---|
2022
| £349,000
| £515,000 | £625,000 | £835,000 | £1,240,000 |
|---|
|
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.
Data Tables
You can access the data tables on the
open data website.
gov.je