Jersey’s Property Market Experiences Largest Annual Price Decline Since 2002

Average property prices in Jersey decreased by 12% in the year concluding at the end of September, representing the most significant annual downturn since 2002. New data from Statistics Jersey reveals that the average cost of a home was £581,000 in the third quarter of 2024, a reduction from £651,000 recorded a year prior. Despite the drop in house prices, the volume of sales rose by 19%. A total of 185 homes were transacted between July 1 and September 30, 2024, compared with 155 transactions during the identical period in 2023. According to the report, the average price for a one-bedroom flat sold in the third quarter of 2024 was £306,000, while the average two-bedroom flat was priced at £507,000. It also said: “Statistics Jersey said two-bedroom houses were the only property type to increase in value in the year to the end of September 2024.All other property types saw a decrease in price of between 9% and 20% compared with a year earlier, it said.” The report additionally noted that advertised private sector rental prices had fallen by 2% over the preceding 12 months. Copyright 2024 BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking.