How is the Jersey House Price Index calculated?

The average cost of dwellings in Jersey is measured 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 Jersey Property Bulletin 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.

Latest report and data

The report for the first quarter (Q1) 2013 shows that:

• the mix-adjusted average price of dwellings sold in Jersey in Q1 2013 was similar to the calendar year averages recorded in 2011 and 2012 and was 3% higher than in the previous quarter (Q4 2012)
• the latest small quarterly rise in the index was attributable to increases in the average (mean) prices of 1- and 2-bedroom flats and 2- and 4-bedroom houses
• the average (mean) price of 3-bedroom houses in Q1 2013 was the lowest recorded since 2007
• turnover of properties was about a third lower than in the previous quarter and more than two-fifths lower than in the same quarter of 2012
• the reduction in turnover was largely driven by fewer share transfer properties being sold. In Q1 2013 share transfers accounted for three-fifths of all eligible flat sales. In 2011 and 2012 this proportion had been closer to three-quarters of such sales
• the number of 3-bedroom houses which sold in the latest quarter was the lowest for more than four years
  

Download House Price Index report for quarter 1 2013

Download average house price index numbers (size 39kb)
Download average prices by type of dwelling (size 18kb)
Download Jersey private sector rental index numbers (size 24kb) 

When is the next report due for release?

The Jersey House Price Index for quarter one 2013 will be released on 23 May 2013.

Previous reports