The island is experiencing a property boom.

Estate agents are reporting an unprecedented - and perhaps unexpected - heating up of the property market since we emerged out of lockdown.

Chrystals chairman Shane Magee said there are a number of factors driving this mini-boom.

He said: ’Now that people have been released from the confines of their own home, for some it has perhaps highlighted the inadequacies of their present property.

’A cure to their dissatisfaction has resulted in a move to something bigger and better.

’For some the future will result in less travelling off-island and working from their office in town may have less appeal.

’The prospect of working more from home has created the need for larger study/home office or the chance to enjoy the outdoors more, with an established and mature garden.’

The island has always had a fairly high percentage of cash buyers and the reduction in interest rates, has prompted some to take the cash from a low-interest savings account and buy bricks and mortar.

’Some will be moving from rental to house purchase for their own occupation or to buy an investment property that is income producing,’ said Mr Magee.

’Equally the reduction in interest rates has prompted many to secure funding at an extremely competitive rate and the banks are swamped with mortgage applications and the surveyors have a backlog of work to process.’

Although much of the talk of a heated market is anecdotal, Chrystals listed a house at Governor’s Hill in Douglas and had more than 70 registered applicants who wanted to view within 48 hours of coming to the market.

’Perhaps the lack of being able to escape the island on holiday, other than Guernsey, without self-isolation has concentrated the mind on improving one’s home or moving house,’ said Mr Magee.

He said he has multiple applicants chasing a limited stock of property with competing bids often being made on the same property.

’The public think this is great for estate agents but the truth is the stock has to be replaced and a slightly more measured pace would be better for all concerned,’ he said.

He added: ’The most surprising thing to my mind is that this activity is almost entirely being driven by our domestic market.

’Our border remains closed and those from off-island cannot readily fly across to view property here.

’Many purchasers are first-time buyers or have been living with parents or renting before making a purchase.

’Others have moved from a stop -gap house, which they wish to retain and will rent back to the market when vacant.’

Mr Magee said the rental market is equally strong with a shortage of stock across the spectrum.

Many new tenants are key workers like teachers and medical staff taking up appointments.

During lockdown many cited the importance of virtual viewings but most people have waited to see property for themselves, rather than relying on photographs and video before committing to purchase.

’The lack of activity during lockdown has now created something of a stampede,’ said Mr Magee.

The main thrust of activity is up to and circa half a million pounds but Chrystals have made a number of sales around £600,000 to £750,000 and also over £1m.

Mr Magee says the heightened activity in the market is something of a bubble but it may yet carry on for some while, as stock levels of available property remain depleted.

He said: ’We wait to see what happens to the economy in the UK, when the various support schemes come to an end.

’While we are insulated from much of what is going on across the water, we may not be totally immune from any potential fall-out.’

Meanwhile, his advice to eager house buyers is monitor the estate agents’ websites and social media channels to be first in the queue for new listings.

Take early advice from mortgage brokers and financial advisers, he advised.

’Know what you can afford to offer in advance of a viewing, this will help avoid being disappointed further down the line,’ he said.

Meanwhile, Manxmove has made an appeal for properties to list including detached homes valued up to £400,000 in Douglas, Onchan and in Glen Vine.

It said: ’Due to a substantial upturn in the local property market and subsequent shortage of stock Manxmove now have an extensive list of no-chain buyers that have exhausted the current market and are therefore patiently waiting for new listings.’