The Jersey Property Market: What's The Outlook For 2023?

• Published date: 30 January 2023
• Subject Matter: Finance and Banking, Real Estate and Construction, Charges, Mortgages, Indemnities, Real Estate
• Law Firm: Collas Crill
• Author: Ms Pamela Doherty, Martin Le Boutillier and Anna Carter

Jersey's economy has been somewhat cocooned from the impact of events occurring in Westminster and beyond. However it has not been without impact on the local property market.

The island has witnessed considerable supply and demand issues in property and, while statistics are not yet available for the last quarter of 2022, the third quarter clearly indicates that most price brackets have seen a significant increase in the purchase price of property.

One-bedroom flats recorded a mean sale price of '370,000 (an average increase of '17,000), two-bedroom flats a mean sale price of '557,000 (an increase of '21,000) and three-bedroom houses - representing the much sought after 'family home' - a mean sale price of '904,000 (an average increase of '51,000). Interestingly, the purchase price of two-bedroom houses fell by '32,000 from that of the previous quarter, and the slightly higher bracket of four-bedroom houses remained on average unchanged at a mean sale price of '1,329,000.

Which leaves the burning question: what is the outlook for 2023?

Jersey is experiencing a knock-on effect from the Bank of England's base rate which has gradually increased over the course of the past twelve months. While mortgage providers have not...