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The number of homes being bought and sold in the island in the last quarter was the lowest since records began in 2002.
Published by Statistics Jersey this morning, the latest House Price Index report for the third quarter of 2023 showed that the number of properties bought and sold was 62% lower than the same time last year.
A record low of 155 properties were bought and sold in the last quarter, with the previous low point being 162 properties in first quarter of 2013.
Pictured: Annual comparison of the Jersey residential property market. (Statistics Jersey)
The lack of new housing developments being completed in the last quarter had an impact on turnover, with the previous two quarters seeing almost half of property transactions take place as the result of development completions.
In comparison, the last quarter saw less than 5% of transactions take place as a result of completions in new developments.
The average property price fell from £695,000 in the third quarter of 2022, to £681,000 in 2023.
One-bedroom flats, and two- and three-bedroom houses all saw an annual decrease in price.
Two-bedroom flats were essentially unchanged in price on an annual basis.
However, the price of four-bedroom houses increased.
Of properties purchased, only 8% were not intended as main residences, which was a decrease of 20% from the previous quarter.
Estate agent and director at Broadlands, Harry Trower – who revealed earlier this year that transactions had "fallen off a cliff" – said the market remained "incredibly slow".
"The statistics are a true reflection of what has been happening in the market this year," he added, noting that the figures were no longer being skewed by completions in new developments.
"Affordability is still the problem and that takes time to adjust."
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