THE number of properties sold in the Island has seen a dramatic fall in the past quarter, according to latest figures from Statistics Jersey.
The House Price Index report for the second quarter of 2023 showed that the number of properties bought and sold was 42% lower than this time in 2022.
There was an overall reduction of 1% in the market, the first decrease since 2016, and the average price of a home has reduced by 4% since the previous high point of £709,000 seen in the third quarter of 2022.
Of properties purchased, 28% were not intended as main residences, which was a decrease from the previous quarter.
One-bedroom flats, two-bedroom flats and three-bedroom houses had all increased in average price, recorded at £356,000, £558,000 and £821,000 respectively.
The average cost of a home in the Island is now £666,000, slightly up from last quarter, which is over double the UK’s at £286,000.
The report noted that there were a significant proportion of transactions (45%) as a result of new developments, which increased average prices for flats and meant the level of turnover would be 62% lower that Q2 in 2022 (rather than 42% lower) when excluding new builds.
