House prices tumble

House prices on the Isle of Man took a huge tumble last year, according to government data.

The Treasury’s quarterly digest of economic and social statistics shows in 2012 the average house price was £282,743 – but in 2013 that figure was just £259,433, a drop of nine per cent.

Median house prices fared even worse, dropping more than 13 per cent from £250,000 to just £220,000.

Over the same period, the number of houses built fell by almost a third, from just over 300 to slightly more than 200.