jersey house price index - fourth quarter 2016
TRANSCRIPT
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