Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

House price report for the third quarter 2023

16 November 2023

The house price report for the third 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.

Context

The previous two quarters saw a significant proportion of transactions (45%) take place as the result of completions occurring in new developments. This quarter has, in contrast, seen a low proportion of transactions (less than 5%) as a result of completions in new developments. This has a particular impact on turnover and the composition of market sales statistics. 

The low turnover has had significant impact on the price levels in this quarter, particularly for 4-bedroom houses. This is due to turnover of higher priced (greater than £1.5 million) 4-bedroom houses remaining similar to previous years but turnover of lower priced 4-bedroom houses decreasing.

Summary

In the third quarter of 2023:
  • on a quarterly basis:
    • the seasonally adjusted mix-adjusted average price was 2% higher compared with the previous quarter
    • there was a 2% annual decrease in the House Price Index, the first time since Q1 2014 that consecutive quarters have seen an annual decrease
    • 1- bedroom flats and 2- & 3- bedroom houses all saw an annual decrease in price
    • 4-bedroom houses saw an annual increase in price
    • 2-bedroom flats were essentially unchanged in price on an annual basis
  • the turnover of properties was 62% lower than in Q3 2022, and we observed in this quarter:
    • the lowest turnover of properties (155) since at least 2002, the previous low point being 162 properties in Q1 2013
    • 8% of properties transacted were not purchased to be the main residence of the purchaser(s), a 20 percentage point decrease from the previous quarter
  • overall housing market activity, on a rolling four-quarter basis, was 22% lower compared with the previous quarter (Q2 2023) and 42% lower than in the corresponding quarter of 2022 (Q3 2022)
  • on a rolling four-quarter basis, advertised private sector rental prices were 3% higher during the year ending Q3 2023 compared with the year ending Q3 2022
Our sites
Back to top
rating button