House prices

Latest figures

In the first quarter of 2025, the average price of dwellings sold in Jersey decreased by 3.0% compared to a year earlier.

The House price index continued its downward trend with overall prices 14% lower than the peak seen in Q3 2022.

-3.0%

Context

Most sales related to phase three of the First Step Scheme were completed this quarter. These transactions are generally included in the House Price Index unless excluded for specific reasons. The scheme contributed to the quarter’s turnover, with 13 transactions in phase three. Due to the nature of the scheme, these transactions are excluded from the loan-to-value analysis.

Commentary

Over the past four decades, Jersey experienced four significant periods of property price growth, with peaks in 1989, 1998, 2008, and 2021.

Each of these years recorded annual price increases of over 15%. These peaks were typically followed by periods of slower growth or declines in property prices.

On a calendar year basis, the Jersey House Price Index in 2024 was 8% lower than in 2023. This was the
largest decrease in house prices on record (since at least 1986).

Average prices by property type

The mean prices of the individual categories of dwelling over the period from 2002 to date are shown in the figure below.

For details on average (mean) prices for individual property types, see the sections below:

Market activity

Turnover of properties

The number of properties transacted (turnover) in a given quarter provides an indication of the level of activity currently taking place in the Jersey property market. The following chart shows the number of transactions that have taken place and have been included in the Jersey HPI.

A degree of caution is required in making direct comparisons between quarters due to the variation in the frequency of sittings of the Royal Court, seasonal variations and the impact of new developments being completed. Nevertheless, the number of properties sold in Q1 2025 was:

• 90% higher than in Q1 2024 and 7% higher than in the previous quarter (Q4 2024)

House price distributions

As well as type, it is also useful to consider the numbers of properties that have transacted at a given price point in a quarter (the price distribution of sales).

Please note that in order to provide a more complete picture of the Jersey residential property market, the counts in the chart below include properties in the HPI and additional property types which are not included in the Jersey House Price Index; bedsits, 3- or more bedroom flats, 1- and 5- or more bedroom houses. Properties sold via the housing gateway, First Time Buyer restricted and age restricted properties are still excluded.

First-time buyer properties

In 2024, first-time buyer properties fell by 2% compared to 2023.

This was around 6 percentage points higher than the change in the overall house price index over the same period.

Jersey’s House Price Index excludes properties with purchase restrictions, such those for first-time buyers and homes sold through the affordable housing gateway.

Homes sold via the housing gateway often have part of their price retained as a bond. This analysis uses the full property price for consistency with first-time buyer restricted properties.

Upsizing and downsizing

By analysing transactions where buyers sold and purchased a single property within the same period, we can track household moves.

In 2024:

• 78 households upsized
• 50 households downsized
• 43 moved to a home of the same size

Overall, this resulted in 47 additional bedrooms being occupied.

Values within brackets signify that an average household has moved to a less expensive property.​

Loans

In 2024, just over half (54%) of eligible residential properties sold in the Royal Court were bought with a loan.

In 2024, the greatest number of properties in Jersey purchased with loans were in the 80% to 89% loan-to-value range. 

For Royal Court transactions matched to a loan, the total amount borrowed can be calculated. However, this does not reflect the total loans passed through the Royal Court.

In 2024, the overall borrowing amount increased, though the average loan size remained similar to 2023.

Data sources and methods

The Jersey House Price Index measures the average cost of dwellings in Jersey on a quarterly basis. It calculates the combined weighted average price of one- and two-bedroom flats, as well as two-, three-, and four-bedroom houses.

The principal data sources on the transaction prices of property sales used in the Jersey House Price Index are:

• the Public Registry Index and Document Enrolment (PRIDE) database for freehold and flying freehold properties transacted through the Royal Court
• Revenue Jersey for share transfer transactions

The above data are supplemented by information on the type and size of each property provided by Employment, Social Security and Housing.

For more information on the sources methods used, see the notes section of the most recent report.

Find data and past reports

You can find the house price data on the open data website.

Find past reports on our release calendar.