Statistics released by the government show that the average price of a Manx property is £248,250.

That’s up by 0.4% in 12 months.

In England, the rise over the same time was 4%, taking the average price there to £240,949.

That’s according to official UK government statistics for the 12 months to March. And that figure is at odds with the Your Move index, which puts that figure at £302,252 for England and Wales.

A common complaint about property prices in the Isle of Man has been that they’re too high to attract workers here.

That argument has weakened as prices have surged in England far more than in the Isle of Man in recent years.

The Manx government’s figures in its official annual review of the property market show average house price in 2017 was £268,220 and the average flat price £149,991.

The report also points to a steady increase in the volume of house sales over recent years.

The report, compiled by the economic affairs division of the Cabinet Office and released last week, provides information about house and flat prices, affordability, the volume of sales and the level of mortgage lending.

The long-term affordability of housing is measured by showing average house prices as a multiple of average earnings.

In 2017 average house prices were 6.77 times average annual earnings.

This ratio is lower than it has been for most of the last decade.

The report, published on the economic affairs section of the government website, also looks at the ability of younger people to afford a property.

While the earnings ratio has improved since 2011, the report notes that home ownership remains difficult for individuals aged 25 and under, with significant savings or financial assistance required to get on the property ladder.

Figures for 2017 also show that aggregate lending by Isle of Man institutions to local residents recovered to £1.718 billion, while mortgage debt has reduced by approximately 30% from its peak in December 2009.

Policy and Reform Minister Chris Thomas MHK said: ’One of the objectives of the Programme for Government is to have affordable and accessible housing that meets the island’s social and economic needs.

’The housing market review gathers important information that will build on work currently taking place around planning, population and inter-generational fairness to shape the development of policy.’

He added: ’Everybody needs a home, whether it’s somebody born in the Isle of Man or those coming here to take up the career and lifestyle opportunities our island offers.’

Slightly higher price rises come as the government says there has been a rise in population.

In September 2013, the Manx government’s property index showed a 5% annual fall in average prices.

But by June 15, there was a 2% increase year-on-year.

That volatility might be a sign of a relatively small sample more than anything else.

In April, the government’s economic affairs division said that from October 1 to December 31, 2017, the island’s population grew by 300 compared with the corresponding period in 2016.

The last census, published in March 2016, revealed the first fall in the island’s population since 1986. Between 2011 and 2016, the number of people living in island dropped from 84,497 to 83,314.

The small recent rise in population and the upturn in property prices might be connected.

But arguably of more long-term relevance is that, with an ageing population, more people are living alone. That increases the demand for single-occupancy dwellings.

The latest figures show that, in England, prices, on average, are now falling. The drop between February and March was 0.3%.

As usual, the statistics for England show variation by area.

In Manchester, for example, the average price rose by 5.9% in the last 12 months, while in Liverpool that figure was 12.5%. In rural Cumbria it was 2.4%.

London’s prices fell by 0.7%.

In Wales, the annual rise was 3.5%, taking the average property price there to £152,999.

In Scotland, the annual rise was 6.2&, taking the average property to £144,677.

Official statistics in Northern Ireland show that prices rose 4.2% year-on-year in the first quarter of the year. An average property there costs £130,026.

Statistics health warning: The Manx government’s figures released in its annual review of the property market at odds with those in its Island in Numbers report.

That says that average house prices dropped from £271,192 in 2016 to £262,688 last year. Flats rose from £139,430 to £151,296.