House Price report for fourth quarter 2019 published

20 February 2020

Statistics Jersey has today published the House Price Index report for the fourth quarter 2019.

In 2019:

the Jersey House Price Index was 7% higher than in 2018
it is the second consecutive year that the Jersey House Price Index has increased by 7%
all property types saw average prices increase
all property types recorded their highest annual average prices seen to date
advertised private sector rental prices were 7% higher than in 2018

turnover of properties was essentially unchanged compared with 2018, due to increased sales of flats (up by 10% on an annual basis) but decreased sales of houses (down by 9% on an annual basis)
housing affordability decreased on an annual basis; all property types were less affordable to purchase than in 2018:

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
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 the fourth quarter of 2019:

on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2019 was 3% higher when compared with the previous quarter (year ending Q3 2019)
on a quarterly basis:

the seasonally adjusted mix-adjusted average price was 2% higher than in the previous quarter and 11% higher than in the corresponding quarter of 2018 (Q4 2018)
2- bedroom houses saw a decrease in mean price compared with the previous quarter
all other property types saw an increase in their mean price, or remained at a similar level, when compared with the previous quarter

the turnover of properties was 13% lower than in Q4 2018 but was 7% higher than in the previous quarter (Q3 2019)
overall housing market activity, on a rolling four-quarter basis, was around 1% lower than in the previous quarter (Q3 2019) but 7% higher than in the corresponding quarter of 2018
on a rolling four-quarter basis, advertised private sector rental prices increased by 1% during the year ending Q4 2019 compared with the year ending Q3 2019