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Latest House Price Index report published

02 May 2024

​​​The House Price Index for the first 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

Last year saw a significant proportion of transactions (39%) take place as the result of completions occurring in new developments. This quarter saw around 11% 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 duty or tax was increased from £500,000 to £700,000 (the last such increase was from £450,000 to £500,000 in 2018). 

The historically low turnover seen this quarter should be taken into account throughout the report as it makes average prices more sensitive to values at either end of the distribution. 

Summary 

In the first quarter of 2024:

  • on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q1 2024 was 2% lower when compared with the previous quarter (year ending Q4 2023)
  • on a quarterly basis:
    • the seasonally adjusted mix-adjusted average price was essentially unchanged compared with the previous quarter and 6% lower than in the corresponding quarter of 2023 (Q1 2023)
    • 2-bedroom houses were essentially unchanged in their mean price compared to a year earlier
    • all other property types saw a decrease in price compared with a year earlier
  • the turnover of properties was 55% lower than in Q1 2023 and 40% lower than in the previous quarter (Q4 2023) 
    • the lowest turnover since at least 2002
  • overall housing market activity, on a rolling four-quarter basis, was around 17% lower than in the previous quarter (Q4 2023) and 51% lower than in the corresponding quarter of 2023
  • on a rolling four-quarter basis, advertised private sector rental prices were 3% lower during the year ending Q1 2024 compared with the year ending Q1 2023

House Price Index First Quarter 2024​

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