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The average price of a four-bedroom house in Jersey has dropped below £1 million for the first time in almost four years, according to a new report.
Published today, the latest house price index reported a a "large decrease" in the prices of four bedroom houses during the second quarter of 2024.
For smaller dwellings, such as one- and two-bedroom flats, prices went up slightly since the last quarter – but are still lower than previous peaks.
Turnover, according to the report, was higher than the first quarter of 2024, but 15% lower than a year ago.
Pictured: The latest house price index report was published today by Statistics Jersey.
Overall housing market activity in Q1 2024 was 41% lower than that in the previous quarter (Q4 2023), and 58% lower than in the corresponding quarter of 2023 (Q1 2023).
The market activity is calculated by combining the mix-adjusted average price of dwellings sold in Jersey with the total number of transactions that occur during the same period.
The report also pointed to a change in stamp duty and land transaction tax which came into force on 1 January 2024 and saw the threshold for first-time buyer rates increase from £500,000 to £700,000.
The report also added that only 8% of homes sold were in new developments – a much smaller proportion than in 2023, when almost 40% of homes sold were in new developments.
One-bedroom flats cost, on average, £335,000 in Q2 of 2024. This was an £11,000 increase since the last quarter, but a decrease on the average price of £356,000 reported in Q2 of 2023.
Two-bedroom flats cost an average of £519,000 in Q2 of 2024. While this was a decrease from 2023 when the average price was £566,000, prices still rose since the start of the year. In Q1 of 2024, a two-bedroom flat had cost on average £510,000.
Two-bedroom houses sold for an average of £565,000 in Q2 2024 – an £86,000 drop from Q1. In Q2 of 2023, they had cost on average £621,000.
Pictured: The mean price of a two-bedroom house sold in the latest quarter fell to £565,000.
Three-bedroom houses sold on average for £801,000 - a £37,000 increase from Q1 this year.
The largest group measured in the report, four-bedroom houses, saw a massive £298,000 decrease since the start of the year which brought the average down under the million-pound mark.
Since the end of 2020, an average four-bedroom house had cost over £1.1 million pounds in every quarter. But in Q2 of 2024, the average price was £985,000.
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