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MHK provided with house price figures

There have been significant fluctuations in the ratio of average earnings to the average house price in the Isle of Man, since the early 1990s.

A property cost just over six times the average annual wage in 1991, but only five times as much, five years later.

By 2001 the ratio had gone back up, to 6.7 and in 2006, the most recent year for which statistics are available, it was 8.4.

In other words the average home in the Isle of Man cost nearly eight and a half times the average wage, compared with a low for the 15 year period of 5.1 times the average wage, in 1996.

The information was provided by Treasury Minister Alan Bell, in a written reply to a Tynwald question, from Rushen MHK Juan Watterson (pictured).

Mr Watterson asked for figures right back to 1971, but Mr Bell said information was only available from 20 years after that date.

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