Top estate agent David Creane says the housing market has got quieter over the summer.
Mr Creane, who is the chairman of Cowley Groves, said that the company had a good April, May and June. But the next two months were ‘a little quieter than the previous months’.
He added: ‘Since the start of the year we have had a period of good activity followed by a lull followed by another period of good activity and another lull.
But it has to be appreciated the level of activity overall is much better than last year and we are selling a significantly higher number of units than last year. Our Ramsey office in particular is forging ahead and having an excellent period both in sales, rentals and listings.’
The Isle of Man doesn’t have an equivalent to the Nationwide or Halifax indexes, which monitor the property market and the land registry reports from the government are always subject to a lag in time.
So it’s difficult to get an accurate timely picture of the property market from any source other than estate agents.
Mr Creane said that there was ‘an abundance of property on the market for sale but not enough buyers’.
He added: ‘Some of these properties as I have indicated before are overpriced and will not achieve the figures aspired to and I would advise any vendor who is motivated to sell to speak to their agent and address the issue.
‘Those who are not in any rush to sell should perhaps think about renting if this is an option or identify the property you wish to go to and negotiate a suitable discount to enable the transaction to proceed. Alternatively it might be a good idea to rest it.
‘On a more positive note, it is very encouraging to read the good news on the economy front coming out of the UK and indeed the USA with the return of consumer spending, house price sales on the increase and the great news is that interest rates will remain low for the foreseeable future thus enabling the economy to recover.
‘This is good news for the Isle of Man where buyers can now plan with some certainty for the future.
‘The economy is improving and the low cost of funds will ensure this gradual recovery is sustained.’
Take a look at the latest Isle of Man property sales here: www.iomtoday.co.im/news/property-news