House prices still rising but at a slower pace says agent

Market's buoyancy fuelled by stock shortage

Property prices on the Isle of Man are continuing to rise but the rate of increase is slowing.

That's the view of local estate agent Orry Creane – the sales and marketing director at Cowley Groves.

His comments come in the wake of a Halifax price survey in the UK which shows average prices rose 1.8 per cent in June and more than 13 per cent year on year.

Mr Creane says whilst the Manx property market remains buoyant – fuelled by a shortage of stock - this is causing some buyers difficulty.  

And he told Manx Radio he’s not convinced government’s updates to the first time buyers’ scheme will improve the situation: