House prices report for the fourth quarter 2018 published

14 February 2019

The House Price Index report for the fourth quarter of 2018 has been published by Statistics Jersey.

In 2018:

the Jersey House Price Index was 7% higher than in 2017
the latest annual increase of the Jersey House Price Index was the highest for 10 years
all property types saw average prices increase in 2018
all property types recorded their highest annual average prices seen to date
private sector rental prices, advertised in 2018, were 9% higher than in 2017

turnover of properties was 7% higher than in 2017, due to increased sales of both flats and houses (up by 8% and 6%, respectively, on an annual basis)
housing affordability decreased on an annual basis; all property types were less affordable to purchase than in 2017:

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 in 2018
a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1- or 2-bedroom flat in 2018

In the fourth quarter of 2018:

on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2018 was 1% higher compared with the previous quarter (year ending Q3 2018)
on a quarterly basis:

the seasonally adjusted mix-adjusted average price in Q4 2018 was essentially unchanged compared with the previous quarter and was 4% higher than in the corresponding quarter of 2017 (Q4 2017)
all property types saw an increase in mean price compared with the corresponding quarter of 2017 (Q4 2017) and remained at levels greater than seen throughout 2017

the turnover of properties in Q4 2018 was 14% higher than in the previous quarter and a fifth (20%) higher than in the corresponding quarter of 2017
overall housing market activity, on a rolling four-quarter basis, was 6% higher when compared with the previous quarter (Q3 2018) and 14% higher than in the corresponding quarter of 2017
on a rolling four-quarter basis, advertised private sector rental prices increased by 4% during the year ending Q4 2018 when compared with the year ending Q3 2018