House prices in Jersey are down by 12% on a year ago. It's the steepest decline in more than 20 years.
The average paid for a property in the third quarter of 2024 was £581,000.
That's down from £651,000 12 months ago and is 3% lower than Q2.
The biggest price drop was in one bedroom flats, which were on average 9% less expensive than three months earlier.
Statistics Jersey, which compiles the figures, says they have been impacted by a significant proportion (39%) of transactions in 2023 being of newly completed builds, compared to just 5% during the same period this year.
The report indicates a slowdown in the market, with overall housing market activity down by a third compared to the year ending Q3 2023.
Mean prices by size in Q3 2024 compared with the previous quarter:
- 1 bedroom flat - £306,000, down £29,000
- 2 bedroom flat - £507,000, down £12,000
- 2 bedroom house - £618,000, up £53,000
- 3 bedroom house - £749,000, down £52,000
- 4 bedroom house - £1,127,000, up £142,000.
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