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House prices increasing by £1,000 per week

Surging property market shows no sign of slowing

Property prices in the Isle of Man are rising by as much as £1,000 per week.

The information - contained in the quarterly report from local estate agent Manxmove - shows year on year prices listed with the Central Registry.

They include a two-bed terraced house in Farmhill which sold in 2020 for £190,000 and fetched £230,000 this year.

Director Graham Wilson says the new government should take action to help first time buyers:

Meanwhile, the health minister says the Isle of Man's housing situation has reached 'crisis point'.

David Ashford was speaking on Manx Radio's Agenda programme.

He says Covid-19 has played a huge part in creating current issues:

It seems surging property prices haven't led to a significant increase in demand for social housing on the Island, however.

Councillor Janet Thommeny is the chair of Douglas Borough Council's Housing Committee.

She says the waiting list is stable for now:

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