The average price paid for property in Jersey has fallen by 3% in the first quarter of 2025 ,to £569,000.
Islanders are paying around £17,000 less on average for a home, from £586,000 to £569,000, compared to the last three months of 2024.
House and flat prices have been steadily declining since their peak in 2022.
217 homes changed hands in the three months to March, with a 90% increase in property turnover compared to the same period last year, and 7% on Q4 2024. 13 transactions as part of the government's First Step Scheme - which offers up to 40% of the purchase price of a property for eligible first-time buyers - contributed to the increase.
Last year saw the biggest annual calendar-year fall in almost 40 years, down 8%.
The value of all property types decreased, except for 4-bedroom homes, where the average price jumped by £374k.
This was due to a larger-than-usual number of sales of £3m+ homes.
Average property prices in Q1 2025 compared to the previous quarter:
- 1 bedroom flat - £308,000, down £29,000,
- 2 bedroom flat - £514,000, down £36,000,
- 2 bedroom house - £571,000, down £24,000,
- 3 bedroom house - £716,000, down £36,000
- 4 bedroom house - £1,405,000, up £374,000.
Housing Minister Deputy Sam Mezec has welcomed the latest House Price Index data:
House prices 📉
— Deputy Sam Mézec (@SamMezecJsy) May 1, 2025
Turnover 📈
👍 https://t.co/40b2SkZzXv pic.twitter.com/dyCTktD12J
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