Average property prices in Jersey dropped by 12% over the past year, marking the steepest annual decline since 2002.
According to new data from Statistics Jersey, the average cost of a home was £581,000 in the third quarter of 2024, down from £651,000 at the same time last year. Despite the price drop, property sales saw a 19% rise, with 185 homes sold between July and September 2024, compared to 155 sales during the same period in 2023.
Property Types and Price Changes
The report details the average prices for various property types in the third quarter of 2024:
One-bedroom flats averaged £306,000
Two-bedroom flats averaged £507,000
Two-bedroom houses averaged £618,000
Three-bedroom houses averaged £749,000
Four-bedroom houses averaged £1,127,000
Notably, two-bedroom houses were the only property type to appreciate in value over the year. Prices for all other property types declined by 9% to 20% compared to the previous year.
In addition, private sector rental prices experienced a 2% decrease over the past 12 months, the report noted.