Manx houses getting more affordable?

Government figures suggest positive trend

Government statistics suggest houses on the Isle of Man are becoming more affordable.

The annual review of the Island's property market for 2017 found that average house prices were 6.77 times average annual earnings - a ratio which is lower than it's been for most of the last decade.

The price of the average Manx property rose by 0.4% last year, to £248,250.

The average house sold for around £20,000 more, at £268,250, whilst the figure for flats was just below £150,000.

It's thought the volume of house sales continues to steadily rise, as they become cheaper in relation to annual incomes.

However, the figures also show that home ownership remains difficult for those aged 25 and under, with younger people needing substantial savings or financial assistance to purchase property.