Property sales lowest in 20 years, report finds

Interest rates have risen slowly from the same period, and house prices have fallen slightly by between 1 and 2%

Property sales in Jersey are at their lowest level for more than 20 years, a report has found.

The Jersey House Price Index measures the combined average price of flats and homes, transactions through the Royal Court and shared transfer properties.

Sales dropped by a quarter in the three months to March, when compared to the same period in 2022 - the lowest turnover of properties since 2002.

House prices have also fallen slightly by between 1 and 2%.

It found a lot of homes processed in the quarter were sold off-plan "several years ago" as new developments.

The report said if new developments were excluded from the report, the turnover of sales would be 55% lower when compared to the same quarter for 2022.

It said the new developments had also impacted the overall price level, "in particular the average prices of one bedroom flats".

The mean price of one-bedroom flats and three to four-bedroom homes decreased compared to the previous quarter, whereas other property types increased in mean price.

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