Manx housing market still busy despite UK slowdown

Price growth shows no sign of slowing

There are signs that the UK property market could be cooling off, following the ending of the stamp duty window.

Here in the Isle of Man there remains a significant shortage of available properties, which is fuelling price growth.

Just six weeks ago we reported that some property prices on the Island were rising at the rate of around £1,000 per month.

Since then there's been no evidence of a significant slowdown, with many available properties being snapped up just days after coming to market.

The market is traditionally quieter over the festive season, so the next true barometer won't be available until the end of January at the earliest.

The rapid rise in local house prices has not been without social consequences. Many first time-buyers are finding it difficult to get a foot on the property ladder, and local charities are finding it increasingly hard to find emergency accommodation for families and individuals in need.

Whilst there seems little hope of a dramatic slowdown in the market, a gradual levelling of the upward curve would be welcomed in some areas.