The Liberal Vannin Party says that data released under freedom of information shows a housing crisis is harming Manx families.

Party chairman Michael Josem told the Examiner that the information shows a rise of large rise in the median price of housing from the 1990s.

Throughout the 1990s, a median house in the Isle of Man cost an average of 5.18 times a median salary.

Whereas throughout the 2010s, a median house in the Isle of Man cost an average of 8.94 times a median salary, this is a rise of 72.8% from the 1990s.

Mr Josem said: ’This new data reveals that the median cost of a house in the Isle of Man was over 72% more expensive in the 2010s than in the 1990s as a multiple of median earnings. This means that for too many people, buying their own home is now just a distant fantasy.’

The figures show the rise in average house prices in the island from 1988 (£66,244), when the average earnings were £10,063 (median earning of £8,701) and the median house price was £53,000.

By 2019, the average price rose to £291,844, whereas the average earnings had risen to £39,589. The median house price had risen to £265,000 and the median earnings had risen to £30,911.

The figures also show that the median salary for those aged 25 and under was £15,203. This has risen to £21,688 by 2019.

A statement from the party added: ’These prices create consequential increases in rental prices, and in doing so, add additional pressure on household budgets. It further creates risks of a housing bubble, creating financial risks if housing prices return to normal levels.

’In addition, the high cost of housing sucks money out of the economy, reducing spending on local businesses and wages. It further pushes the young people of Mann to consider migrating elsewhere, where housing is less expensive.’

Mr Josem added: ’For many households, the cost of housing - whether it be rent or mortgage - is the biggest contributor to the high cost of living. High housing costs suck money out of the productive economy and reduces the quality of living for many families in our community.

’We need to ease the squeeze on families and make housing more accessible to the people of Mann.’