17 May 2013
The latest Jersey Housing Affordability Report covers the period between 2002 and 2012 and presents various indicators which are used to measure housing affordability in Jersey.
The Jersey Housing Affordability Index (JHAI) is the headline indicator of whether a working household with average (mean) income is able to purchase a median priced property affordably.
The latest report shows that in 2012 a working household earning the average (mean) income:
- was not able to service a mortgage on the purchase price of a median priced house of any size affordably
- was able to service a mortgage on a median priced 1 and 2-bedroom flat affordably
- would need an additional deposit of £24,000 to purchase a 2-bedroom house and £90,000 to purchase a 3-bedroom house
The Jersey Housing Affordability Report also covers:
Download Jersey Housing Affordability Report 2012 (size 188kb)
- mortgage and rental stress (30 / 40 method) – the proportion of lower-income families that spend more than 30% of their income on housing costs
- ratio analysis - the ratio of property prices compared to household or individual income
- key worker analysis - the ability of individual key workers (nurse, police officer and teacher) to purchase lower-priced property and rent average priced property in the private sector