Number of houses bought and sold in Jersey falls to lowest level since records began

Property transactions in Jersey are down by almost two-thirds when compared to the same quarter for 2022. Credit: PA

The number of houses bought and sold in Jersey has fallen to its lowest level since records began more than 20 years ago.

The island's House Price Index for the third quarter of 2023 shows there were just 155 transactions - almost two-thirds lower than the same period last year.

Rising interest rates have been compounded by high property prices, with the average home in Jersey costing £681,000 - more than twice as much as the UK.

Average property prices in Jersey by number of bedrooms:

  • Four-bed house: £1,404,000

  • Three-bed house: £842,000

  • Two-bed house: £606,000

  • One-bed flat: £362,000

The number of properties being bought but not kept as main residences also fell. They made up just 8% of sales this quarter, down by 20% on the previous three months.

There is some good news for tenants as rental prices fell by 3% in the last three months.

Meanwhile in Guernsey, the property market is following a similar trend with the first quarter of 2023 seeing the lowest number of house sales since records began in 1999.

The average house price is now £647,000, up by more than 50% in the last five years.

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