Property turnover down heavily on same period in 2022
The Jersey House Price Index measures average house prices for every quarter
At a glance
Property turnover has fallen by 62% in Jersey compared to the same quarter in 2022
The figure is down to a significant number of completions in new developments in the previous two quarters, Jersey Statistics said
There has been a 2% annual decrease in the House Price Index in consecutive quarters for the first time since 2014
- Published
The turnover of properties in Jersey was 62% lower in the third quarter of 2023 than in the same period in 2022.
The quarter saw the lowest turnover of properties, at 155, since at least 2002, according to the latest house price report, external.
The previous two quarters saw a significant proportion of transactions (45%) take place as the result of completions occurring in new developments.
In contrast the third quarter of the year has seen a low proportion of transactions (less than 5%) as a result of completions in new developments.
This had a particular impact on turnover and the composition of market sales statistics, Statistics Jersey added.
The Jersey House Price Index measures the combined average price of one and two-bedroom flats together with two, three and four-bedroom houses.
There was a 2% annual decrease in the House Price Index, the first time since the first quarter of 2014 that consecutive quarters have seen an annual decrease.
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- Published17 August 2023
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