The Manx government reveals average house prices rose to more than £313,000 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.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.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."Meanwhile retired estate agent of 50 years Keith Kerruish said he also thought prices would "level off".
"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 Isle of Man Census information was not included in the government document and will be published next year.
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