House sales in Jersey at 20-year-low

The number of properties changing hands in Jersey is at its lowest in at least 22 years.

Latest data shows turnover in the first three months of this year more than halved compared to the same period last year, down 55%,

It was also down 40% on the end of 2023 and Statistics Jersey says it is the lowest recorded turnover since at least 2002.

One of the reasons could be fewer transactions of newly-built homes.

Last year, 39% of transactions were down to new developments being completed. This quarter that accounted or around 11% of sales.

Mean prices by size in Q1 2024 compared with the previous quarter:

• 1 bedroom flat  - £324,000, down £13,000
• 2 bedroom flat  - £510,000, down £88,000
• 2 bedroom house - £651,000, up £16,000*    
• 3 bedroom house  - £764,000, down £42,000
• 4 bedroom house  - £1,283,000, up £150,000*

* Low turnover of 2 bed homes and 4 bed homes has affected the average.  The median prices for Q1 are £609,000 and £1,070,000 respectively.

2023 recorded the first annual drop in house prices in a decade and the biggest decline in 38 years.

The Bank of England Base Rate remains at a fifteen year high of 5.25%.