House prices in Jersey are down by 12% on a year ago. It's the steepest decline in more than 20 years.

The average paid for a property in the third quarter of 2024 was £581,000.

That's down from £651,000 12 months ago and is 3% lower than Q2.

The biggest price drop was in one bedroom flats, which were on average 9% less expensive than three months earlier.

Statistics Jersey, which compiles the figures, says they have been impacted by a significant proportion (39%) of transactions in 2023 being of newly completed builds, compared to just 5% during the same period this year.

The report indicates a slowdown in the market, with overall housing market activity down by a third compared to the year ending Q3 2023.

Mean prices by size in Q3 2024 compared with the previous quarter:

• 1 bedroom flat  - £306,000, down £29,000
• 2 bedroom flat  - £507,000, down £12,000
• 2 bedroom house - £618,000, up £53,000
• 3 bedroom house  - £749,000, down £52,000
• 4 bedroom house  - £1,127,000, up £142,000.