A CONTINUING fall in average property prices has been highlighted in the Island’s latest House Price Index.
The report issued by Statistics Â鶹¹ÙÍø for the second quarter of this year shows a 9% fall in average prices over the previous 12 months, as well as a reduction of 15% in the number of transactions and a 23% drop in total market activity.
An average property, using data adjusted to account for seasonal factors and the mix of different-sized residences, cost £588,000 during the past quarter, compared with £641,000 over the same period in 2023.
Just 114 property transactions were recorded during the first quarter of the year, the lowest turnover figure for more than two decades.
But the second quarter total showed a rise to 211 transactions, although this was still significantly down from the equivalent 2023 figure of 248.
Rental prices in the private sector fell by 4% during the 12-month period ending on 30 June this year.
The report also highlighted a particularly sharp fall in the price of four-bedroom houses, which now stand at £985,000 their lowest since the third quarter of 2020.