Jersey house prices in biggest fall since 2002

Despite the fall in average prices, the number of homes sold in Jersey increased by 19%

Average property prices in Jersey fell by 12% in the year to the end of September - the biggest annual slump since 2002.

New figures from Statistics Jersey show the average home cost £581,000 in the third quarter of 2024 - down from £651,000 a year earlier.

Despite the fall in house prices, sales increased by 19%.

A total of 185 homes changed hands between 1 July and 30 September 2024, compared with 155 transactions during the same period in 2023.

Most property types lose value

According to the report, the average price of a one-bedroom flat sold in the third quarter of 2024 was £306,000, while the average two-bedroom flat cost £507,000.

It also said:

• the average two-bedroom house was worth £618,000

• three-bedroom homes cost, on average, £749,000

• properties with four bedrooms sold for an average price of £1,127,000

Statistics Jersey said two-bedroom houses were the only property type to increase in value in the year to the end of September 2024.

All other property types saw a decrease in price of between 9% and 20% compared with a year earlier, it said.

The report also said advertised private sector rental prices had fallen by 2% over the past 12 months.