Average Manx property price rises by 0.4%

Wed, 30 May 2018

The average price of a property sold on the Isle of Man last year was almost quarter of a million pounds.

The Government's annual review of the property market found the average property cost £248,250 - a 0.4% rise compared with 2016.

The price of houses dropped slightly to £268,220, while flat prices increased by over £4,500.

The report admits home ownership remains difficult on the Island for those under 25 years old, while significant savings or financial assistance needed for a local resident to get on the property ladder.

The figures show the total mortgage debt on the Island has reduced by around 30% since 2009, although the volume of house sales has increased in recent years.