Its quarterly residential property prices bulletin for the three months to the end of June have revealed a new mix adjusted average purchase price of £608,844, 0.8% higher than in March and 2.1% more than at the same time last year. The average was 20.4% higher than five years previously.
However the market was certainly heating up over the period, with 261 local market transactions across the three months, nearly 100 more than from January to March and 66 more than from April-June in 2025. At the same time in 2021 there were 297 property sales going through the courts.
Properties are taking slightly longer to sell, with an average time on the market of 40 weeks, compared to 37 weeks in quarter one and 26 weeks as the island came out of Covid lockdowns in 2021.
And a number of new-build properties coming on to the market and selling quickly appear to be growing.
In the past quarter they made up 3.8% of local market sales, compared to 3.1% earlier in the year and just 1.7% in 2021. The States said that more than 100 properties have been added to the local housing stock in the past 12 months.
Three properties on the small estate The Orchard in Rue du Friquet, Castel, still under construction, have sold in the past few weeks, at a range of prices between £915,000 and £512,000.
The mix adjusted average monthly rent on the local market was £2,138, a fall of 1.5% on the previous quarter, but still 3.1% higher than at this time last year. Rents have risen by more than a third over the past five years.
The average value of open market sales was up significantly, at £1.99m. compared to £1.57m. last year.
Prices in Jersey remain slightly higher. Its House Price Index for Q2 had an overall average property price of £626,000, up 5% year-on-year, with 282 transactions during the quarter, up by a third on the previous quarter and up 24% year on year.
Prices are up 5% over the past year, though the overall index remains 10% below the historic peak recorded in 2022.
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