House prices in Jersey have fallen slightly in the first three months of 2023. More than 1 in 3 homes that changed hands were buy-to-let or second homes.
The average paid for property was down 2% on the previous quarter, but remained 2% higher than at the start of 2022.
One bedroom flats and three and four bedroom houses dropped in value compared to the end of last year. Other properties types increased in value.
Statistics Jersey, which compiles the figures, says the data has been affected by a significantly high proportion of transactions of new developments sold off-plan years ago at prices that are now below current market value.
"These sales have therefore both inflated the level of turnover in this quarter and impacted the overall price level and in particular the average prices of 1-bedroom flats."
Turnover of houses - that's the number changing hands - was at its lowest since 2002.
More than a third of properties sold during the first three months of 2023 were not to be the buyer's main residence. 36% were buy-to-let or second homes.
Mean prices by size in Q1 2023 compared with the previous quarter:
- 1 bedroom flat - £337,000, down £46,000
- 2 bedroom flat - £556,000, up £21,000
- 2 bedroom house - £649,000, up £14,000
- 3 bedroom house - £815,000, down £68,000
- 4 bedroom house - £1,299,000, down £88,000.
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