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Jersey has experienced the steepest annual decline in average property prices in more than 20 years amid a slowdown in the market.
Published this morning by Statistics Jersey, the House Price Index for the third quarter of this year shows a 12% fall in average prices over the previous 12 months – which represents the sharpest year-on-year decline recorded since at least 2002.
The report also shows a continuing slowdown in the market, with a 33% drop in overall market activity compared to the same period in 2023.
Just 114 property transactions were recorded during the first quarter of this year, the lowest turnover figure for more than two decades.
The second quarter total showed a rise to 211 transactions, although this was still significantly down from the equivalent 2023 figure of 248.
Pictured: The key stats from the latest House Price Index. (Statistics Jersey)
And during the third quarter, the turnover of properties was 12% lower than the previous quarter, but 19% higher than in the corresponding quarter of 2023.
Last year, 39% of sales came from new developments, whereas this quarter saw fewer than five transactions (less than 3%) from new developments.
The largest price drops were seen in one-bedroom flats, which declined 9% compared to the prior quarter.
Two-bedroom houses were the only category to see an annual increase, rising 2%, while all other types – including two-bedroom flats, and three- and four-bedroom houses – fell between 9 and 20% in the last year.
The report also said that rental prices in the private sector fell by 2% compared with this time last year.
The release of Statistics Jersey's report comes as the Bank of England cuts interest rate to 4.75% – representing good news for those with variable-rate mortgages.
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