Q4 2023 House Price Index Report

Q4 2023 House Price Index Report

The Government of Jersey published the housing price statistics for Q4 of 2023 this morning. Maillard & Co's Real Estate Director, Leanne Kirkland, shares her interpretation of the figures...

The latest house price statistics released by the Government of Jersey for Q4 2023 show a confusing picture of the Island's property market. While there's a notable decline in turnover, with only 189 properties completing in Q4, marking a significant 36% decrease from the same period in 2022, it's crucial to look deeper into the data for a better understanding. There was a number of new build completion in the period which as substantially impacted both turnover and prices. Without these new build’s properties, turnover would have been 56% lower compared to Q4 2022.

Mean price trends show 1 bedroom flats 2 and 3 bedroom houses have decreased in the period, while 2 bedroom flats and 4 bedroom houses experienced increases. However, it’s essential to note that the mean price of the 2-bedroom flats and 4-bedroom houses is heavily influenced by a number outliers in the data and also low levels of transactions forming the dataset, and therefore the medium could offer a more reflective number.

Unsurprisingly, affordability across all property types has decreased despite decreases in house prices and a 7.7% increase in earnings, both have been outweighed by increase in interest rates.

It’s important to note the data provided reflects historical perspective, focusing solely on completed sales, which offers a limited representation of the current market. Given the volatile economic environment and persistent uncertainties, its important to not view these in isolation and consider a more holistic view when making decision around buyer and selling.

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