Second Quarter House Price Index report published

01 August 2024

​​​The House Price Index for the second quarter 2024 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

This quarter saw a low proportion of four-bedroom houses transact for above £1,000,000. 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 four 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 1st 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 from £450,000 to £500,000 in 2018). 

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 (see Notes).  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 four-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

​House Price Index Second Quarter 2024​