Jersey House Price IndexFourth Quarter 2016

Statistics Unit

Statistics Unit: www.gov.je/statistics @JsyStats

Annual Summary

Statistics Unit

Overall Index• the Jersey House Price Index was 4% higher in 2016 than in 2015

• this represents the third consecutive annual increase in property prices

Property Types:• 1- and 2-bedroom flats saw average prices increase in 2016 with 2-bedroom flats recording

their highest ever annual average price

• 2-bedroom houses recorded a small decrease in their mean property price

• 3- and 4-bedroom houses both recorded their highest ever annual averages

Turnover:

• 12% higher than in 2015

• 1,410 “eligible” transactions

Quarterly Summary

Statistics Unit

Rolling four-quarter basis• the mix-adjusted average price of dwellings sold in Jersey in the year ending Q3 2016 was

1% higher compared with the previous quarter

Quarterly basis:

• the seasonally adjusted average price was 2% higher than in the previous quarter and 4% higher than the corresponding quarter in 2015

• 1- and 2- bedroom flats both recorded higher mean prices than in the previous quarter

• 2-bedroom houses recorded lower mean prices than in the previous quarter

• 3- and 4- bedroom houses both recorded increases in mean prices, and, in both cases, this most figure represents the highest mean price for these classes of property recorded to date

Turnover in Q4 2016:

• highest recorded quarterly figure since 2006 Housing market activity:

• 4% higher than in the previous quarter (Q3 2016) on a rolling four-quarter basis Rental:

• on a rolling four-quarter basis, rental prices in Jersey were 1% higher in the year ending Q4 2016 than in the previous quarter

Mix-adjusted House Price Index

Statistics Unit

Rolling four-quarter basis: the mix-adjusted average price of dwellings sold in Jersey in the year ending Q4 2016 was 1% higher compared to the previous quarter.

Quarterly basis: the seasonally adjusted average price was 2% higher than in the previous quarter and 4% higher than Q4 2015.

Mix-adjusted House Price Index

Statistics Unit

Rolling four-quarter basis: the mix-adjusted average price of dwellings sold in Jersey in the year ending Q4 2016 was 1% higher compared to the previous quarter.

Quarterly basis: the seasonally adjusted average price was 2% higher than in the previous quarter and 4% higher than Q4 2015.

Annual percentage change in the Jersey House Price Index 1986-2016

Statistics Unit

Calendar year basis: Jersey House Price Index was 4% higher than in 2015, representing the third consecutive annual increase in property prices

Statistics Unit

Individual property types – 1-bedroom flats

The median price of 1-bedroom flats sold in the latest quarter was £234,000

Increase of £18,000 from Q3 2016

Statistics Unit

Individual property types – 2-bedroom flats

The median price of 2-bedroom flats sold in the latest quarter was £320,000

Increase of £16,000 from Q3 2016

Statistics Unit

Individual property types – 2-bedroom houses

The median price of 2-bedroom houses sold in the latest quarter was £390,000

Decrease of £33,000 from Q3 2016

Statistics Unit

Individual property types – 3-bedroom houses

The median price of 3-bedroom houses sold in the latest quarter was £513,000

Increase of £17,000 from Q3 2016

Statistics Unit

Individual property types – 4-bedroom houses

The median price of 4-bedroom houses sold in the latest quarter was £748,000

Increase of £21,000 from Q3 2016

Statistics Unit

Individual property types – Average prices

Turnover – including share transfers

Statistics Unit

Quarterly basis: higher than in the previous quarter

highest recorded quarterly figure since 2006

Share transfer properties accounted for over half (55%) of eligible flat sales during the most recent quarter.

Turnover – annual basis

Statistics Unit

Annual turnover: 12% higher than in 2015

Total turnover of flats 21% higher than in 2015

Total turnover of houses 8% higher than in 2015

Statistics Unit

Price Distributions

Housing Market Activity Index

Statistics Unit

Rolling four-quarter basis: 4% higher than in the previous quarter

Quarterly basis: 4% higher than in the previous quarter (Q3 2016) and 17% higher than corresponding quarter of 2015 (Q4 2015)

Annual basis: 17% higher than in 2015

Comparison with Guernsey

Statistics Unit

Q4 2016 Price (£,000)

Jersey 480

Guernsey 414

Guernsey: mix-adjusted price: up 0.3% compared to the previous quarter;down 2.3% compared to Q4 2015;eighth consecutive quarter of negative annual growth

turnover: essentially unchanged compared to Q4 2015;

Comparison with UK

Statistics Unit

Q4 2016 Price (£,000)

Jersey 462

UK 217

London 477

South East (excluding London) 313

South West 277

UK: mix-adjusted index: up 2% on rolling 4-quarter basis;up 8% annually; up 1% quarterly.

• New methodology from UK Office of National Statistics• Change to the formula used to calculate average• Comparison is therefore with revised Jersey index

Annual Summary

Statistics Unit

Average property priceMix-adjusted average price of dwellings sold in

Jersey

Annual comparison of the Jersey residential property market

Turnover of propertiesNumber of eligible properties sold in Jersey

Total market activityAverage of the Jersey market activity index

+4%increase

+12%

increase

+17%increase

2015

1,250 transactions

1,410 transactions

174.4

£ £

£ £

204.2

£ £

£ £

£450,000

££468,000

£

2016

Statistics Unit

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The Q1 2017 report will be released on 18th May 2017