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Housing affordability in Jersey

Jersey Housing Affordability Index

The Jersey Housing Affordability Index (JHAI) indicates whether a working household with average (mean) income is able to purchase a property affordably. The level of the overall index does not represent any specific level of affordability but instead is designed to track overall affordability over time.

  • in 2018 housing affordability in Jersey declined compared to calendar year 2017
  • in the most recent 5-year period the overall housing affordability index has declined 10%, meaning overall housing affordability has worsened over that period
  • between 2002 and 2018, a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size
  • a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1-bedroom flat throughout the period 2002 to 2018
  • a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 2-bedroom flat for most of the past 10 years, but not in the years 2006 and 2008

Jersey Housing Affordability Indices  

 

Source: Statistics Jersey, download the chart data

Download Jersey House Price Index Report Fourth Quarter 2018 

Ratio analysis

This is the ratio of property price compared to income and is the most widely used measure of housing affordability. Ratio analysis is particularly useful for making comparisons between jurisdictions and for examining trends in affordability over time.

In 2018:

  • the mean price of 1-bedroom flats was around three times the mean gross household income, whilst for 2-bedroom flats this ratio was around six
  • the ratio of mean price to mean gross household income for 2-bedroom houses was around six
  • the ratio of mean price to mean gross household income for 3-bedroom houses was around 8, whilst that for 4-bedroom houses was around 13

Previous reports

Jersey Housing Affordability Report 2017 

Jersey Housing Affordability Report 2015

Jersey Housing Affordability Report 2013

Jersey Housing Affordability Report 2012

Jersey Housing Affordability Report 2011

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