Jersey sees lowest number of properties sold since 2002

Picture: JON GUEGAN. (37012310)

JERSEY has recorded the lowest number of properties being bought and sold in a quarter since records began just over two decades ago.

Published by Statistics Jersey this morning, the latest House Price Index report for the third quarter of 2023 showed that the number of properties bought and sold in the Island was 62% lower than the same time last year.

A total of 155 properties were bought and sold in the last quarter – the lowest since at least 2002 – with the previous low point being 162 properties in first quarter of 2013.

The lack of new housing developments being completed in the last quarter had an impact on turnover, with the previous two quarters seeing almost half of property transactions take place as the result of development completions.

In comparison, the last quarter saw less than 5% of transactions take place as a result of completions in new developments.

The average property price fell from £695,000 in the third quarter of 2022, to £681,000 in 2023 – although it is higher than the figure of £666,000 recorded in the previous quarter for 2023.

Of the properties purchased, only 8% were not intended as main residences, which was a decrease of 20% from the previous quarter.

Latest prices:

One-bedroom flat

£362,000 (£6,000 higher than in the previous quarter)

Two-bedroom flat

£558,000 (essentially the same when compared with the previous quarter)

Two-bedroom house

£606,000 (£15,000 lower than in the previous quarter)

Three-bedroom house

£842,000 (£21,000 higher than in the previous quarter)

Four-bedroom house

£1,404,000 (£107,000 higher than in the previous quarter)