Surge in interest from off-Island in Manx properties, says agent

Employment, retirement, and taxation amongst reasons given

A local estate agent says around 40 percent of the properties sold through his business over the past six to 12 months have been to off-Island purchasers.

Graham Wilson from Manxmove says the ratio marks a significant change in the local property market, which for years has been made up of 80 percent local buyers and 20 percent from off-Island.

Mr Wilson says the 'massive' influx of new residents has led to a significant increase in sales, particularly at the higher end of the market, resulting in current stock levels being at an all-time low for properties between £950,000 and £3 million.

There had been strong anecdotal evidence that off-Island buyers were active in the local market but this is the first solid evidence that a new wave of inward migration to the Island is well underway.

According to Graham Wilson the lack of choice at the higher end of the market has resulted in competition between purchasers, sometimes resulting in bidding wards and offers above asking prices.

Reasons given by new residents for choosing the Isle of Man include the UK Government, employment, retirement, taxation and the general quality of life.