House prices in Jersey declined by an average of 8% last year, marking the sharpest annual decrease recorded by Statistics Jersey since at least 1986.
The drop in 2024 represents a notable shift for the island’s property market, making overall housing more affordable on an annual basis.
Turnover of properties was down 16% compared with 2023, largely due to fewer flat sales. Last year saw the lowest annual turnover on the island in over two decades, with sales at their weakest since at least 2002, according to the statistics agency.
The report suggested that a working household with a mean net income could now reasonably service a mortgage for a one-bedroom flat. However, it found such a household would not be able to meet repayments comfortably on a median-priced two-bedroom flat or any size of house.
The ratio of the median dwelling price to equivalised median household income fell across all property categories compared with the previous year, Statistics Jersey said. Yet the final quarter of 2024 saw a modest uptick in prices for flats, while two to four-bedroom properties declined further.
