07 November 2024
The House Price Index for the third 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
In 2023 there was a significant proportion of transactions (39%) taking place as the result of completions occurring in new developments. This quarter saw fewer than five transactions (less than 3%) 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 took effect from 1 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).
Most sales related to phase one of the First Step Scheme were completed this quarter. These transactions are generally included in the House Price Index unless excluded for specific reasons (see Notes for details of these exclusions). The scheme contributed to the quarter’s turnover, with 18 transactions in phase one, mostly in this quarter. Additionally, the First Step scheme transactions contributed to a small number of chains being completed (fewer than five). Due to the nature of the scheme, these transactions are excluded from the loan-to-value analysis.
Summary
In the third quarter (July to September) of 2024:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q3 2024 was 3% lower when compared with the previous quarter (year ending Q2 2024)
- on a quarterly basis:
- the seasonally adjusted mix-adjusted average price was 3% lower compared with the previous quarter and 12% lower than in the corresponding quarter of 2023
- this was the largest annual decrease in prices since at least 2002
- 1-bedroom flats saw the largest decrease (9%) in price compared with the previous quarter
- 2-bedroom houses saw an annual increase in price of 2%; all other property types saw an annual decrease in price of between 9 and 20%
- the turnover of properties was 12% lower than the previous quarter but 19% higher than in the corresponding quarter of 2023
- overall housing market activity, on a rolling four-quarter basis, was around 1% higher than in the previous quarter (Q2 2024) and 33% lower than in the corresponding quarter of 2023
- on a rolling four-quarter basis, advertised private sector rental prices were 2% lower during the year ending Q3 2024 compared with the year ending Q3 2023
House Price Index Third Quarter 2024
gov.je