Latest report and data
Read the latest
house price index report for second quarter 2023.
It's important to note that this quarter has seen a significant proportion of transactions (45%) take place as the result of completions occurring in new developments. These sales have increased average prices for flats and inflated the level of turnover in this quarter. The level of turnover would be 62% lower when compared to Q2 2022 (rather than 42% lower), when excluding new builds in both quarters.
Average prices for most property types are largely unaffected by these new developments. However, the mean price for 2-bedroom flats would have been considerably lower. This is because the new developments were largely sold off plan before increases in the Bank of England base rate had impacted the market. Without the transactions within these new developments the overall House Price Index would have decreased by 4% compared with Q2 2022, rather than the decrease of 1% recorded.
These sales from new developments make up a significant proportion of turnover, which means that they have a large impact on the composition of market sales statistics, particularly for flats.
In the second quarter of 2023:
- on a quarterly basis:
- the seasonally adjusted mix-adjusted average price was essentially unchanged compared with the previous quarter
- there was a 1% annual decrease in the House Price Index, the first decrease seen since Q3 2016
- the seasonally adjusted mix-adjusted average price was 4% lower than the previous high point seen in Q3 2022
- all types of house saw their mean price decrease compared with Q2 2022, while other property types saw an increase in their mean price compared with Q2 2022
- the turnover of properties was 42% lower than in Q2 2022, and we observed in this quarter:
- 28% of properties transacted were not purchased to be the main residence of the purchaser(s), an 8 percentage point decrease from the previous quarter
- overall housing market activity, on a rolling four-quarter basis, was 13% lower compared with the previous quarter (Q1 2023) and 23% lower than in the corresponding quarter of 2022 (Q2 2022)
- on a rolling four-quarter basis, advertised private sector rental prices were 7% higher during the year ending Q2 2023 compared with the year ending Q2 2022
Jersey House Price Index
Jersey, chart data
You can search by year for previous House Price Index reports on
Statistics Jersey reports and documents.
Long term trends in house prices
Annual percentage change in the Jersey House Price Index
The above figure shows the property price changes in Jersey on a calendar year basis from 1986 to 2022. The most recent increase in the Jersey House Price Index recorded in 2022 was 11% compared with 2021.
As is clear from the above chart, property prices in Jersey have seen three periods of strong growth during the last three decades. Peaks in the annual rate of increase occurring in 1989, 1998 and 2008. Each of these years recorded annual price increases of more than 20%. In the past, such peaks were followed by periods of lower rates of increase. More recently from 2010 to 2013 by a period of sustained decline in average prices.
All property types recorded increases in mean price in 2022 compared with 2021.
Shown below are mean prices for specific property types from 2011 to 2022.
Mean prices for individual property types 2011 to 2022
Prices are rounded to the nearest £1,000.
Median house prices
The overall mix‐adjusted Jersey House Price Index is calculated from the mean prices of each type and size of property. Examining changes in the median price of dwellings provides a complementary insight into the behaviour of residential property prices.
Median property price of houses sold in Jersey 2011 to 2022
|One bed ||Two bed ||Two bed ||Three bed ||Four bed |
House prices, retail prices and earnings
A comparison between the Jersey Retail Prices Index, the Index of Average Earnings and the House Price Index is shown below. Since 1997 house prices in Jersey have seen a greater overall increase than earnings and retail prices.
Retail price, average earnings and house price indicies
Source: Statistics Jersey, chart data
Calculating the Jersey House Price Index
The average cost of dwellings in Jersey is measured quarterly by the Jersey House Price Index. This index measures the combined weighted average price of one and two-bedroom flats and two, three and four-bedroom houses.
The principal data sources on the transaction prices of property sales used in the Jersey House Price Index are:
the Public Registry Index and Document Enrolment (PRIDE) database for freehold and flying freehold properties
- the States of Jersey Taxes Office for share transfer transactions
The above data are supplemented by information on the type and size of each property provided by the States of Jersey Population Office.
Private Sector Rental Index
The Jersey Private Sector Rental Index was published from 2007 until 2012 using rental consent data from the States of Jersey Population Office. The index was derived from the mean rent of properties for which rental consents were granted by the Population Office during each quarter, not from all private sector rents in the Island.
The Private Sector Rental Index was not produced from December 2012 to June 2015 due to the rental data no longer being collected. More recently a revised index has been produced using advertised rental prices from both internet and classified adverts. This data is currently published as part of the house price index report.
You can access the data tables on the
open data website.