Jersey house prices drop by 8% in 2024 - report

New figures show there was an average drop of 8% in Jersey house prices in 2024, compared to 2023.

Statistics Jersey said it was the largest annual decrease in price since at least 1986, making overall housing more affordable on an annual basis.

Its report said the turnover of properties was 16% lower compared with 2023 due to the decreased sales of flats.

It said last year saw its lowest annual turnover on the island since at least 2002.

The results suggested a working household with a mean net outcome was able to service a mortgage on a one-bedroom flat, the report said.

However, it would not be able to service a mortgage affordably on the purchase price of a median-priced house of any size or a two-bedroom flat.

"The ratio of median dwelling price to equivalised median household income in Jersey was lower compared to 2023 for all property types," the report stated.

In the last quarter of 2024, between October and December, the report showed a slight rise in price for flats compared to the previous quarter, while two to four bedroom homes dropped further in price.

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