Housing market sales drop by 42%, report says
The housing market has seen a near 50% decrease in sales compared to 2022
At a glance
Jersey's housing market sees 42% fewer sales between April and June compared to same quarter in 2022
The drop follows an increase in the Bank of England base rate for mortgages
A report found new properties kept the average price higher than it would have been, with them being sold off-plan before the base rate had an effect
- Published
There were 42% fewer properties sold in Jersey in the last three months than in the same period in 2022, a report says.
Statistics Jersey's house price report, external comes after a Bank of England base rate rise making it harder to get mortgages.
The government said the reduction would have reached 62% were it not for the number of new-build homes being finished in the second quarter of 2023.
Developments being sold off-plan before the base rate affected the market also kept the average price higher.
From April to June, the average price was "essentially unchanged" in comparison to the previous quarter, with a 1% annual decrease in the House Price Index - the first seen since the third quarter of 2016.
A total of 28% properties were not purchased to be the main residence of the purchaser - an 8% decrease from the previous quarter, the report shows.
Housing market activity was down 13% compared to the first quarter of 2023 and 23% lower than the same quarter as 2022.
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