A third of properties bought in first quarter won't be buyer's main home

Just 17% of all properties bought during the first quarter in 2023 were by first-time buyers. Credit: ITV Channel

36% of all properties bought during the first quarter of the year won't be the main residence of the person who purchased it, according to Jersey's latest House Price Index (HPI) report.

It also finds that only 17% of homes were bought by first-time buyers.

The review says that just 51% of flats sold during this period will be the buyer's main home, and just 22% were bought by first-time buyers.

The start of the year saw the lowest turnover of properties since 2002 (251), and it was 26% lower than the corresponding time last year.

The House Price Index breaks up the average for different types of homes in Jersey:

  • £337,000 for a 1-bedroom flat.

  • £556,000 for a 2-bedroom flat.

  • £649,000 for a 2-bedroom house.

  • £815,000 for a 3-bedroom house.

  • £1,299,000 for a 4-bedroom house.

Overall, the average price for properties Jersey was £661,000 in the first quarter of 2023.

This is more than double England (£310,000), and more than London (£535,000).

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