The average house price on the Isle of Man has risen to £386,566, nearly 10 times the median full-time salary of £39,780.
Livingstone Surveyors & Valuers have produced a Property Market Report for Q2 of this year.
“The average house now costs almost 10 times what a typical worker earns,” the report states.
Even when including flats, the weighted average property price stands at £352,185, reflecting an affordability ratio of 8.8 times median income.
“This affordability ratio has remained elevated for two decades,” the report notes, with the ratio fluctuating between 8.5 and 10 since 2004.
Growth
Transaction volumes showed modest growth, with 999 houses and 258 flats sold in the past year, up 8.2% and 3.6% respectively.
However, activity remains below 2022 peaks. Douglas led in sales, followed by Ramsey and Onchan, while Ballasalla saw increased demand due to ongoing developments.
“For buyers, this means moving beyond surface impressions,” the report advises. “In a high-stakes market, knowledge is leverage.”
It emphasises the importance of surveys to uncover hidden defects, stating, “Common defects like dampness, roof issues, or structural movement can cost thousands to put right.”
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