Average house prices in the Isle of Man are now very close to being 10 times what the typical worker earns.

Figures published in the latest quarterly economic report to the Council of Ministers show that the average house price at the end of September this year was £391,681.

That’s up from £386,566 in the second quarter and the first quarter average of £384,179, and is 3.1% higher than the same time last year.

In contrast, the median full-time salary is £39,780 - so the average house now costs around 9.9 times that figure.

For the 12 months to the end of the September, the average flat price was £206,179 and the weighted property price - based on transaction volumes of houses and flats - was £356,461 - which is still nine times the median full-time income.

In a property market review, island-based surveyors and valuers Livingstone said there was a continued, measured upward trajectory in average residential property prices.

Highest activity is in the £300,000 to £400,000 price bracket.

Livingstone managing director Wesley Livingstone said: ‘This update comes at an important moment, with a growing number of my clients now purchasing on the Isle of Man specifically because of the economic pressures and uncertainty in the UK.’

The median house price to median earnings ratio has fluctuated between 8.5x and 10x since 2004.

During the 12 months to the end of September, 973 houses and 253 flats were sold, up from 894 houses and 209 flats during the same period in 2024.

But Livingstone said the recent uptick in transactions remains modest compared with a post-pandemic peak in 2022 when 1,541 house and 424 flat sales were recorded.

Figures are based on the latest available data but there is always a time lag in transactions being registered with the Land Registry.