Indicators of a faltering housing market are revealed in the government’s latest quarterly economic report - but island estate agents remain ’bullish’ and are remaining optimistic about the year ahead.

One agent likened it to hoping to seeing a ’lot more sunsets rather than stormy waters’ for the property market in the months ahead.

The figures covering July to September last year show that the average property price was £256,399, down 0.4% over the year and also down 0.4% on the previous quarter.

During the 12 months to September there were 1,158 properties sold.

Some 928 of these were houses and 230 were flats.

This is down 9.1% annually and 17% on the last quarter.

But the report, produced by the Cabinet Office’s economic affairs unit, points out that this data is provisional for 12 months after the date of first publication.

This is because the figures are based upon the number of transactions recorded by the Land Registry and there may be a time delay between sale and registration.

Indeed, the number of transactions can increase by up to 25% between the first and final estimates.

For the 12 months to September 2019, the average house price was £279,850 and £144,524 for a flat.

The figure of £256,399 is a weighted average of house and flat prices based on transaction volumes.

Paul McArd, principal director of Harmony Homes, said: ’I believe there is a general confidence out there.’

He added that he is optimistic for this year and likened it to a lot more ’good sunrises’ rather than ’stormy waters’ for the property market in the months ahead.

Mr McArd said he could not challenge the figures produced by the Cabinet Office and he had noticed that the summer months last year between July and September had been ’quiet’.

But he said there was now definitely a ’positive outlook’.

And he spoke of there being a strong appetite in the island for properties at the lower end of the market below £250,000, based on three main factors, location, price, and reasonable condition.

He had known property deals to be completed in little more than a week.

Mr McArd stressed that there was sometimes a time delay of some months between sale and registration.

Shane Magee, chairman of Chrystals in the island, said: ’I have not seen these figures from the Cabinet Office.

’However we collect data from a number of sources and along with this we at Chrystals have seen our income going up year on year.’

He added that things were looking good at the start of the new year saying: ’From our point of view we are inundated with appointments, viewings, offers and inspections.

’It seems to me that business is back to normal and I’m reasonably bullish about things.’

Graham Wilson, director of Manxmove said: ’These figures are historic and not a true reflection of the present property market as the market is much healthier than this and it is certainly up considerately up on last year.

’We keep a keen eye on the market and we are obviously regularly in touch with not only other agents but also local surveyors, local lenders and local advocates.

’The general opinion across the board is that the local market is very buoyant for everybody.’

He added that the market up to around £500,000 is forging ahead with some new listings in this price bracket attracting ’rapid interest from day one’.

Increased demand, shortage of stock and subsequent competition between buyers had resulted in a ’bidding war’ between buyers which in some occasions drives prices up beyond asking prices.

In the UK economists have said that latest figures from Nationwide indicate the housing market is ’getting back on its feet’ after all the Brexit uncertainty last year.