First time buyers 'substantially undersupplied' in Manx housing market

Estate agent says there's a lack of the right type of property

First time buyers are 'substantially undersupplied' in the Island's housing market.

That's the view of one local estate agent after the Isle of Man Government proposed changes to its assistance schemes for those looking to get on the housing ladder.

The plans include increasing the maximum price for buying a property on the open market, as well as increasing the amount an applicant can earn to qualify for support.

Tim Groves from residential sales at Black Grace Cowley says the changes would help, but there's still a lack of the right type of property: