House price statistics

Latest report and data

Read the latest house price index report for second quarter 2024.

Context

This quarter saw a low proportion of 4-bedroom houses transact for above £1 million. This combined with decreases in prices at the lower end of the 4-bedroom house market has driven a large decrease in the prices of 4-bedroom houses this quarter.

Last year saw a significant proportion of transactions (39%) take place as the result of completions occurring in new developments. This quarter saw around 8% 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 1 of January 2024. In particular, the maximum purchase price to be eligible for paying first time buyer stamp duty or land transaction tax was increased from £500,000 to £700,000. The last such increase was in 2018 from £450,000 to £500,000.

Sales related to the First Step Scheme began completing towards the end of the quarter. Transactions as a result of this scheme will generally be included within the House Price Index unless excluded for other reasons. These transactions are not included in the loan to value analysis due to the nature of this scheme.

Summary

In the second quarter (April to June) of 2024:

on a rolling 4-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q2 2024 was 2% lower when compared with the previous quarter (year ending Q1 2024)
on a quarterly basis:

the seasonally adjusted mix-adjusted average price was 4% lower compared with the previous quarter and 9% lower than in the corresponding quarter of 2023 (Q2 2023)
all property types saw a decrease in price compared with a year earlier
4-bedroom houses recorded their lowest average price since Q3 2020

the turnover of properties was higher than the previous quarter but 15% lower than in the corresponding quarter of 2023
overall housing market activity, on a rolling four-quarter basis, was around 8% lower than in the previous quarter (Q1 2024) and 48% lower than in the corresponding quarter of 2023
on a rolling four-quarter basis, advertised private sector rental prices were 4% lower during the year ending Q2 2024 compared with the year ending Q2 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.

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.

Royal Court housing activity

Royal Court transactions represent essentially all the residential house sales and around 30% of residential flat sales in Jersey. Generally, Royal Court transactions account for around three-quarters of the residential properties that are included in the House Price Index, the remaining property transactions that make up the House Price Index data are transacted by share transfer.

Cumulative total of HPI eligible Royal Court transactions

Source: Statistics Jersey, download the chart data

Data Tables

You can access the data tables on the open data website.