01 May 2025
The house price report for the first quarter 2025 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
Most sales related to phase three of the First Step Scheme were completed this quarter. These transactions are generally included in the House Price Index unless excluded for specific reasons. The scheme contributed to the quarter’s turnover, with 13 transactions in phase three.
Summary
In the first quarter of 2025:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q1 2025 was 1% lower when compared with the previous quarter (year ending Q4 2024)
- this was 14% lower than the peak in prices seen in Q3 2022
- on a quarterly basis:
- the seasonally adjusted mix-adjusted average price was 1% higher than in the previous quarter and 3% lower than in the corresponding quarter of 2024 (Q1 2024)
- 4-bedroom houses saw an increase in their mean price compared to the previous quarter, driven by a larger than usual number of sales of very high value properties (greater than £3,000,000)
- all other property types saw a decrease in price compared with the previous quarter
- the turnover of properties was 90% higher than in Q1 2024 and 7% higher than in the previous quarter (Q4 2024)
- while turnover was significantly higher than a year earlier, it was still 29% below the average seen in Q1 from 2021 to 2023
- overall housing market activity, on a rolling four-quarter basis, saw an increase of 7% compared with the previous quarter (Q4 2024) and 85% higher than in the corresponding quarter of 2024
- on a rolling four-quarter basis, advertised private sector rental prices were essentially unchanged during the year ending Q1 2025 compared with the year ending Q4 2024
House Price Index First Quarter 2025
gov.je