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House price report for the first quarter 2023

18 May 2023

​The house price report for the first quarter 2023 has been published today by Statistics Jersey.

The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with 2-, 3- and 4-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.

Summary

It is important to note that this quarter has seen a significant proportion of transactions (45%) take place as the result of completions occurring in new developments. Many of these properties were sold off-plan several years ago at prices that are now below the current market value. These sales have therefore both inflated the level of turnover in this quarter and impacted the overall price level and in particular the average prices of 1-bedroom flats.

If these new developments were excluded from the analysis, the seasonally adjusted index would see a slightly smaller decrease this quarter compared to the last (1% lower rather than 2% lower). Whilst turnover would be 55% lower when compared to Q1 2022 (rather than 26% lower), when excluding new builds in both quarters.

In the first quarter of 2023:
  • on a quarterly basis:
    • the seasonally adjusted mix-adjusted average price was 2% lower compared with the previous quarter and 2% higher than in the corresponding quarter of 2022 (Q1 2022)
    • the seasonally adjusted mix-adjusted average price was 4% lower than the previous high point seen in Q3 2022
    • 1-bedroom flats and 3- & 4-bedroom houses saw their mean price decrease compared to the previous quarter
    • other property types saw an increase in their mean price compared to the previous quarter 
  • the turnover of properties was 26% lower than in Q1 2022, and we observed in this quarter:
    • the lowest turnover of houses since at least 2002
    • 36% of properties transacted were not purchased to be the main residence of the purchaser(s)
  • overall housing market activity, on a rolling four-quarter basis, was 5% lower compared with the previous quarter (Q4 2022) and 11% lower than in the corresponding quarter of 2022 (Q1 2022)
  • on a rolling four-quarter basis, advertised private sector rental prices were 1% higher during the year ending Q1 2023 compared with the year ending Q4 2022

Read the full report

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