Jersey house prices fall by 4% since April

The average home in Jersey currently costs £588,000, a report has found

House prices in Jersey have fallen 4% since April, new figures have found.

The house price index for the second quarter of 2024, April to June, found the average home cost £588,000 compared to £641,000 in the same quarter for 2023.

In February, Statistics Jersey reported the market underwent its first annual decrease since 2013 as the average price of a house fell by 3% in 2022.

Its report published on Thursday found all property types decreased in price compared to a year earlier and four-bedroom homes recorded their lowest average price since the third quarter in 2020.

The Jersey House Price Index measures the combined average price of one and two-bedroom flats together with two, three and four-bedroom houses.

The report said the turnover of properties was higher than the previous quarter but 15% lower than in the corresponding quarter of 2023.

It found the overall housing market activity was about 8% lower than the first quarter of 2024 and 48% lower than the same quarter of 2023.

Advertised private sector rental prices were also 4% lower in the second quarter compared to the same 2023 quarter.