THE volume of property sales has fallen for all types of accommodation except one-bedroom flats, according to new figures published today.
Prices in the last quarter of 2022 suggest that the Island may be experiencing the slowing in the market that some predicted last year, with the price of two-bedroom flats and three-bedroom houses lower than the previous quarter.
The last quarter of 2022 saw a decrease in turnover following the first three quarters when turnover was almost identical to 2021. It fell by 40% compared with the same quarter the previous year, and by 27% compared with the previous quarter.
The latest housing report also showed that the average cost of a home in the Island was £691,000, higher than the £623,000 recorded in the same quarter in 2021 – but lower than the record high of £709,000 recorded in the third quarter of 2022.
Between October and December the price of two-bedroom flats and three-bedroom houses fell, while the cost of two-bedroom houses was largely unchanged. Only one-bedroom flats and four-bedroom houses saw an increase in their average price compared to the previous quarter, reaching their highest mean prices to date.
The index – which measures the combined average price of one and two-bedroom flats together with two, three and four-bedroom houses – appears to confirm a slowing in the market.
The mean price of one-bedroom flats sold in the latest quarter was £383,000 – £13,000 higher than in the previous quarter.
The mean price of two-bedroom flats sold in the latest quarter was £535,000 – £22,000 lower than in the previous quarter.
The mean price of two-bedroom houses sold in the latest quarter was £635,000 – £3,000 higher than in the previous quarter.
The mean price of three-bedroom houses sold in the latest quarter was £883,000 – £21,000 lower than the previous quarter.
The mean price of four-bedroom houses sold in the latest quarter was £1,387,000 – £58,000 higher than the previous quarter.