The latest quarterly housing report from Statistics Jersey has marked the average cost of a home in the Island as 3% lower than it was at the start of last year.
Released yesterday, the House Price Index covering the first three months of 2025 also showed a 90% increase in the number of properties sold, compared to the same period in 2024.
The report noted that turnover was influenced by sales completed as part of the ‘First Step’ assisted home ownership scheme, which was launched last year.
Delivered in partnership with Andium Homes, it uses £10m of government funding to help eligible Islanders access a contribution of up to 40% towards the purchase of an open-market property.
Housing Minister Sam Mézec said: ““I am really pleased that we are now seeing statistical evidence of the benefit that the First Step scheme has had for our housing market.
“It has helped people become homeowners who otherwise would have found it impossible, without inflating housing prices.”
He added: “I am looking forward to announcing the next round of the scheme very shortly.”
Although turnover was significantly higher than a year earlier, it was still 29% below the first-quarter average from 2021 to 2023.
Advertised rental prices in Jersey were 1% lower when compared with the previous quarter.
Estate agent Harry Trower described the housing market as “a barometer of the economy as a whole”.
Reacting to the latest statistics, he added: “It reflects what we are seeing in real time.”
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Broken down by home type, the change in average house prices from Q4 2024 to Q1 2025 were as follows…
