House prices on the island of Jersey dropped by 8% in 2024, the steepest fall since 1986.
It’s thought the already high house prices, combined with relatively steep mortgage rates, have kept the lid on transactions in Jersey.
Statistics Jersey data shows transactions fell by 16% between 2023 and 2024, with a drop-off of flat sales driving the fall.
A two-bed house last year cost £590,000, while even a one bed flat averaged at £330,000, which has made it hard for buyers.
Indeed, a working household with a mean income on the island is unable to service the mortgage on a one bed flat, the report said.
In the final quarter of 2024 flat prices rose slightly, while two-to-four-bedroom properties dipped down further.
The rental market at seems more stable in Jersey, as private rents were just 1% lower year-on-year.
