Data reveals property price drop

Cabinet Office figures claim house prices rose in 2016

New independent data has shown a stark drop in the average asking price for Island properties.

But government says its own figures paint a more realistic picture.

Comparison website Zoopla, which lists almost 1,700 local properties, has ranked the Isle of Man top of a list of places in the British Isles where prices have fallen.

Its latest set of figures shows almost a third of local homes have been marked down from their original asking price.

A reported average reduction of £41,000 (8.36%) places us some way ahead of the UK average, where it is just under £25,000.

However, the Cabinet Office says its own figures, released in its most recent quarterly report, show what properties actually sell for.

According to its estimates, house prices rose by an average £5,383 (2%) in 2016 - while flat prices fell by around £32,000.