House prices in Isle of Man drop 9%

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House prices in the island dropped by a massive 9 per cent last year, government statistics show.

The average price of homes sold in the island is one of wide range of statistics contained in the 2014 Digest of Economic and Social Statistics, published by government’s Cabinet Office.

In 2013, the average house price was £259,433. It compares with £282,743 the previous year.

Meanwhile the median – the middle house price – fared even worse, dropping by 13.6 per cent from 2012 to 2013 (£250,000 to £220,000).

The report includes house prices from 2014 to 2013.

It shows mean house prices fell by 4.3 per cent in 2009, before peaking the following year at £290,641.

Since then, they have dropped year on year.

Meanwhile, the number of houses built last year was at a 10-year low.

Just 209 houses – 128 public sector and 81 private sector – were completed in 2013.

It was a drop of 99 on the previous year, and compares with a peak of 608 (187 public, 421 private) in 2004.

The report also showed that average weekly earnings in 2013 was £491.32 for manual workers, and £686.95 for non-manual workers.

That was an increase of 2.7 per cent for manual workers, and 1.3 per cent for non-manual workers.

Both figures were below the average rate of inflation, as measured by the retail prices index, which was 2.8 per cent.

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