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Jersey Chamber of Commerce

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Category: Local Business News  States of Jersey

House price report for the fourth quarter 2020

Feb 18, 2021


The house price report for the fourth quarter 2020 has been published today by Statistics Jersey.

Annual Summary

In 2020: 

  • on a calendar year basis:
    • the Jersey House Price Index was 5% higher than in 2019
    • all property types saw their average price increase 
    • all property types recorded their highest annual average price seen to date
    • advertised private sector rental prices were 4% higher than in 2019
  • turnover of properties was 10% lower compared with 2019, due to decreased sales of flats (down by 19% on an annual basis) 
    • this decrease in flat sales was driven by a decrease in sales of newly built properties, with around 180 fewer sold in 2020 compared with 2019
  • overall housing affordability improved on an annual basis;
    • 3 and 4- bedroom houses were more affordable than in 2019
    • other property types were less affordable to purchase than in 2019 
    • a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1- or 2-bedroom flat
    • a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size 

Quarterly Summary

In the fourth quarter of 2020:

  • on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2020 was 1% higher when compared with the previous quarter (year ending Q3 2020)
  • on a quarterly basis:
    • the seasonally adjusted mix-adjusted average price was 6% higher than in the previous quarter and 6% higher than in the corresponding quarter of 2019 (Q4 2019)
    • 3- bedroom houses saw their mean price remain at a similar level to the previous quarter
    • all other property types saw an increase in their mean price compared to the previous quarter
    • all property types were at their highest mean price seen to date
  • the turnover of properties was 20% higher than in Q4 2019 and 4% higher than in the previous quarter (Q3 2020) 
  • overall housing market activity, on a rolling four-quarter basis, was around 8% higher than in the previous quarter (Q3 2020) and 6% lower than in the corresponding quarter of 2019
  • on a rolling four-quarter basis, advertised private sector rental prices were essentially unchanged during the year ending Q4 2020 compared with the year ending Q3 2020

Read the full report

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