Isle of Man: Average house prices surge by £25k

Average house prices rose from £288,006 in 2019 to £313,192 in 2020

Average house prices on the Isle of Man rose by £25,000 to more than £313,000 in 2020, the government has said.

The figures have been revealed in a Cabinet Office record, The Isle of Man in Numbers 2021.

While the average price of a flat also rose, the increase was less substantial at just over £5,000.

Estate agent David Creane from Cowley Groves in Douglas said the coronavirus pandemic could be partly blamed for the surge and "frantic market".

He said Covid had "stimulated activity in different categories" as people wanted houses with space to work from home or people living in flats wanted outside space.

'Exhausted buyers'

Mr Creane said: "The market has been frantic, but I expect over the next few months for it to tail off, and I can see it already tailing off."

A lack of stock meant buyers were exhausted, he added.

Meanwhile retired estate agent of 50 years Keith Kerruish said he also thought prices would "level off".

Market factors and government policy were "equally responsible" for the house price hike, he said.

Mr Kerruish said the government should be doing more to help first-time buyers, mirroring efforts in neighbouring jurisdictions.

"In the UK savers at £4,000 a year get a government bonus of £1,000, so in 10 years they can accumulate a £50,000 deposit."

He said people on the island who were renting and paying £800 a month had "little opportunity" to save for a deposit.

The government has been contacted for a response.

The Isle of Man Census information was not included in the government document and will be published next year.