Affordability remains a challenge in the Isle of Man’s housing market, particularly for younger buyers, the latest government report shows.
The Isle of Man Housing Market Review 2024 shows there was modest price growth last year.
The average property price rose to £342,575, a 1.4% increase from the previous year.
House prices edged up by 0.5%, reaching £379,601, while the median house price rose 1.4% to £350,000.
Flat prices saw a sharper increase, with the average up 4.2% to £200,567 and the median rising 2.8% to £185,000.
Distribution
The report noted that “the distribution of house prices in 2024 was more or less the same as the previous year,” with 84% of houses selling for £250,000 or more.
Meanwhile, flats under £100,000 now make up just 7% of sales, down from 9% in 2023.
For younger buyers, the situation remains difficult. “In 2024, the lowest quartile house price was 10.1 times the median salary for those aged between 18 and 25,” the report stated, though this marks an improvement from 11.4 in 2022.
The report emphasised that “home ownership remains difficult for those in the younger age groups,” but noted slight improvements in affordability ratios.
Transaction volumes showed mixed trends, with house sales increasing to 1,132, while flat transactions fell by almost 24% to 245.
Mortgage lending rose slightly by 0.6%, with aggregate lending up £9.8 million.
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