Isle of Man boasts rising house prices

Posted: 05 Jan 2009 05:51:53 GMT

The Isle of Man saw house prices rise four per cent throughout 2008, one estate agent has claimed, in a move that could motivate interest in the marketplace.

Estate agent Chrystals recently published its review of 2008 property prices which found that, despite a significant drop in housing transactions, house prices rose by four per cent across the island.

Overall, the cost of a flat on the island fell last year but the average house price rose by over £10,000, from £281,000 in 2007 to £292,000.

Chrystals office manager Neil Taggart said: "2008 has been an unprecedented year for the global economy with speculation and uncertainty casting a cloud of caution over all business. It has been impossible to get away from talk of credit crunch, sub-prime collapse and economic chaos.

"Our average house price statistics should be observed in a positive manner for the [Isle of Man] economy when compared with UK statistical surveys published by [mortgage lenders]."

Such a shift in house prices may offer hope to homeowners planning to sell up but those aiming to achieve the best price could benefit from selling online, which could attract more buyers than a traditional estate agent.

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