The House Price Index report for the fourth quarter of 2018 has been published by Statistics Jersey.
Annual Summary
In 2018:
on a calendar year basis:
- the Jersey House Price Index was 7% higher than in 2017
- the latest annual increase of the Jersey House Price Index was the highest for 10 years
- all property types saw average prices increase in 2018
- all property types recorded their highest annual average prices seen to date
- private sector rental prices, advertised in 2018, were 9% higher than in 2017
- turnover of properties was 7% higher than in 2017, due to increased sales of both flats and houses (up by 8% and 6%, respectively, on an annual basis)
- housing affordability decreased on an annual basis; all property types were less affordable to purchase than in 2017:
- a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size in 2018
- a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1- or 2-bedroom flat in 2018
Quarterly Summary
In the fourth quarter of 2018:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2018 was 1% higher compared with the previous quarter (year ending Q3 2018)
- on a quarterly basis:
- the seasonally adjusted mix-adjusted average price in Q4 2018 was essentially unchanged compared with the previous quarter and was 4% higher than in the corresponding quarter of 2017 (Q4 2017)
- all property types saw an increase in mean price compared with the corresponding quarter of 2017 (Q4 2017) and remained at levels greater than seen throughout 2017
- the turnover of properties in Q4 2018 was 14% higher than in the previous quarter and a fifth (20%) higher than in the corresponding quarter of 2017
- overall housing market activity, on a rolling four-quarter basis, was 6% higher when compared with the previous quarter (Q3 2018) and 14% higher than in the corresponding quarter of 2017
- on a rolling four-quarter basis, advertised private sector rental prices increased by 4% during the year ending Q4 2018 when compared with the year ending Q3 2018