"We do have a housing crisis on the Isle of Man" says expert

Average house price currently eight times more than the average annual earnings

A local housing expert insists the Island does have a housing crisis.

In the latest report from government, the average house price is more than eight times the average annual earnings for people here, and there are also shortages in both the private and social housing rental markets.

Chris Lee is a housing expert, who spent five years running the UK Government's 'Help to Buy' scheme and has now sent up a rent-to-buy scheme on the Isle of Man.

He says not much has been done so far to address the problems facing the Island:

Meanwhile a mortgage advisor says the Isle of Man's property market is booming, spurred on by a large number of people seeking to re-locate to the Island.

Paul Chase says demand for the limited number of properties available on Island means prices are edging upwards; the reverse of the current trend in many parts of the UK.

Mr Chase says his company is receiving new enquiries daily from local buyers and people seeking to move to the Island: