The house price report for the fourth quarter 2022 has been published today by Statistics Jersey.
The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with 2-, 3- and 4-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.
Annual Summary
In 2022:
On a calendar year basis:
- the Jersey House Price Index was 11% higher than in 2021
- 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 10% higher than in 2021
- turnover of properties was 12% lower compared with 2021, due to increased sales of 1-bedroom flats (by 22% on an annual basis) and decreased sales of all other property types (by 15% or higher on an annual basis)
- the first three quarters of both 2022 (1,174) and 2021 (1,173) saw essentially the same turnover
Overall housing affordability worsened on an annual basis;
- all property types were less affordable to purchase than in 2021
- a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1- 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 or a 2- bedroom flat
Quarterly Summary
In the fourth quarter of 2022:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2022 was 1% higher when compared with the previous quarter (year ending Q3 2022)
On a quarterly basis:
- the seasonally adjusted mix-adjusted average price was 4% lower than in the previous quarter and 6% higher than in the corresponding quarter of 2021 (Q4 2021)
- 1-bedroom flats and 4-bedroom houses saw an increase in their mean price compared to the previous quarter, reaching their highest mean prices to date
- 2-bedroom flats and 3-bedroom houses saw a decrease in their mean price compared to the previous quarter
- 2-bedroom houses were essentially unchanged from the previous quarter
- the turnover of properties was 40% lower than in Q4 2021 and 27% lower than in the previous quarter (Q3 2022)
- overall housing market activity, on a rolling four-quarter basis, was around 11% lower than in the previous quarter (Q3 2022) and 3% lower than in the corresponding quarter of 2021
- on a rolling four-quarter basis, advertised private sector rental prices were 2% higher during the year ending Q4 2022 compared with the year ending Q3 2022
Statistics Jersey