House Price Index report published

22 February 2012

The latest report for quarter 4 2011 shows that:

the mix-adjusted average price of dwellings sold in Jersey in calendar year 2011 was 1% lower than in 2010; this small decrease was driven by lower property prices recorded in the latter part of 2011
on a quarterly basis, in Q4 2011 the Jersey House Price Index was 2% lower than in the previous quarter, Q3 2011; 7% lower than in the corresponding quarter of the previous year, Q4 2010; at the lowest recorded level for 4 years, since Q4 2007
the mean prices of 1-bedroom flats and of 2-bedroom houses in 2011 were the lowest recorded since 2007; in contrast, the mean price of 3-bedroom houses has been relatively stable for the last 4 years, whilst in 2011 2-bedroom flats recorded the highest mean price for this property type on an annual basis
the turnover of freehold and flying freehold properties in 2011 was 10% lower than in 2009 and 2010; in contrast, the turnover of share transfer properties in 2011 (comprising predominantly 1- and 2-bedroom flats) was almost double that of 2010
the mean prices of first-time buyer flats and houses sold in 2011 were £270,000 and £420,000, respectively