Isle of Man bright spot in gloomy UK market

The figures should be observed in a positive manner for the Manx economy when compared with UK statistical surveys published by the Nationwide Building Society (-13.9% – £158,442) and Halifax (-14.9% -£163,605). The UK Land registry reported its average recorded house price decreasing by 10.1% this year.

Sales statistics indicate that detached family houses (+3%), detached bungalows (+7%), semi-detached houses (+1.8%) and terraced houses (+3.5%) have seen modest but sustained price increases.

Year-on-year sales saw the apartment market moving back to nearer its 2006 level however Chrystals considers that a lack of stock in the mid/upper price range has contributed greatly to this statistic.

Chrystals said there had been strong and consistent demand from “high net worth” individuals throughout the year. The first quarter alone saw Chrystals offices securing property transactions of £14million over five sales including the highest value residential transaction by any agent.

Some cooling of interest has occurred with uncertainty over the duration of the UK recession but Chrystals said it had continued to negotiate several substantial sales for clients leading into 2009.

Chrystals is optimistic that if the island’s government can maintain a dynamic tax strategy the Island will remain attractive in turbulent economic times.

But it also said transactional activity in all areas of the market had slowed throughout the year and this was of greatest concern moving into 2009.

Chrystals said it was confident that the historic but sustainable growth in values had forged strong property foundations for the Island.

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