Downturn in house sales

WQ.61/2025

WRITTEN QUESTION TO THE MINISTER FOR HOUSING BY DEPUTY K.M. WILSON OF ST. CLEMENT

QUESTION SUBMITTED ON MONDAY 17th FEBRUARY 2025 ANSWER TO BE TABLED ON MONDAY 24th FEBRUARY 2025

Question

"Further to the recent publication of statistics indicating a downturn in house sales in the Island, will the Minister –

1. state the number of Andium Homes properties available for sale and sold each month over the last two years;
2. advise what work, if any, is being undertaken by his department to obtain data allowing for analysis of the sales and rental markets;
3. explain what action, if any, he is either taking or considering to stimulate housing sales; and
4. advise what work, if any, is being undertaken with estate agents, banks and lenders to address the downturn?"

Answer

1. Sales of existing homes occur as and when they become available, so there is not a pre-determined number of properties for sale at any given time. All homes for sale are advertised on the Andium Homes website, Andium Homebuy – Homes to buy.

2. Statistics Jersey produce reliable statistics in relation to analysis of the sales market in Jersey, which I consider upon their quarterly publication. As part of the House Price Index, Statistics Jersey also report the on Jersey Private Sector Rental Index although it is recognised that this data is limited to advertised rents, and does not capture actual rents paid, nor changes to the size and nature of the rental  market.  It  is,  therefore,  my  intention to bring  forward  –  as part  of my  forthcoming amendments to the Residential Tenancy (Jersey) Law 2011 – a mechanism to help address our ability to assess the private rental market. I also understand that Statistics Jersey intend to undertake further analysis and reporting of Jersey's rental market in light of the relatively recent establishment of a Rented Dwellings Licensing scheme, as introduced under the Public Health and Safety (Rented Dwellings) (Licencing) Regulations 2023. I fully support Statistics Jersey in their intention to

achieve this.

3. I am not undertaking – nor do I intend to undertake – specific work to stimulate overall housing market activity. My focus is to stimulate access to affordable homes, which is being achieved through: the delivery of the First Step Scheme; new affordable housing supply being delivered by Andium Homes; supporting the progression of re-zoned housing sites; and working with developers of larger schemes to deliver a minimum of 15% of their developments with assisted purchase products. I have also met with local developers and support their endeavours to deliver a range of incentives to stimulate market interest. Together, these schemes are providing a diverse range of opportunities for Islanders to access Jersey's housing market.

4. I have met with the Jersey Association of Estate Agents to discuss market issues and ensure they remain sighted on my wider policy aspirations. My officers also make themselves available to professionals working in the property industry, attending the House Price Index industry briefings held by Statistics Jersey and facilitating direct conversations with those who wish to engage more deeply on challenges and opportunities being faced. A good example was the work to implement the First Step scheme, where engagement with industry professionals facilitated policy development and the swift delivery of the scheme, as well as an efficient transaction process for subsequent sales through the scheme. I also routinely engage with the planning process and provide my support for quality housing proposals, including those being brought forward in the open market.

Whilst answering the specific questions posed, I feel it important to clarify that I do not necessarily agree with the premise that the present housing market downturn' requires a direct Government intervention at this time. Indeed, what can be seen in the latest House Price Index is what some may call a housing market correction', in recovery from a period of over-heating. Whilst the period of low transactions and reducing house prices does pose a challenge for some, it is also important to recognise that, whilst incomes are increasing, this creates vital opportunity for home ownership to become a more realistic prospect for Islanders who had otherwise started to lose hope.