Isle of Man housing market drops

Isle of Man house sales have dropped by more than 50% since 2008, provisional figures show.

The figures come from an official quarterly report covering the period between 1 April 2011 to 30 June 2011.

At the same point in 2008 there had been 1,545 residential house sales on the island, whereas the provisional figure for 2011 is 646.

The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years.

The average price in the Isle of Man is about double the average in north-west England.

Construction industry

Flat sales in the Isle of Man have also dropped, from 399 in 2008 to 137 in 2011.

The Isle of Man Government's quarterly economic report refers to a recent independent survey conducted by PricewaterhouseCoopers.

It states that the island's construction industry shows low levels of activity and a "reliance on government capital projects".

It is hoped Tynwald's decision to open up the first-time housing buyer scheme to people on high incomes will encourage more people onto the Manx property ladder.

The eligible income for Isle of Man residents applying for assistance has risen from £25,000 to £35,000, and the minimum grant has increased from from £3,000 to £5,000.