Property prices in the island are increasing by as much as £1,000 a week, according to Manxmove.

Manxmove, a local estate agency, released its quarterly property market report recently that showed the rapid rise in property prices.

According to the company, the market is ’frustrating’ for first-time buyers who ’struggle to compete’ with chain free cash buyers and investors.

In this sellers’ market, vendors ’frequently have several purchasers to choose from’, which means they are often choosing the buyers with the least complications and, as most first-time buyers have mortgage requirements, this can mean they are missing out.

David Ashford, MHK for Douglas North, felt there needed to be a mix of support schemes going forward.

He said: ’What we need to do is offer a mix of support to get people onto the property ladder. So, plot-to-build schemes, shared equity schemes, rent-to-buy and such.

’The first-time buyers scheme was right for its time but is now looking dated and we need to recognise one size does not fit all.

’There also, for the first time, perhaps needs to be considered a limit on the number of property that off island sources can hold.

’Affordable housing needs to be one of the top priorities of the next administration.’

An example of this large increase is one shown on Manxmove’s website when comparing Isle of Man Government registry sales.

A two-bed terraced house located in Farmhill, Douglas, sold for £195,000 in 2020 and for £230,000 this year.

Also, a three-bed semi-detached house in Governor’s Hill, Douglas, fetched £275,000 last year but £325,000 in 2021.

Mr Ashford blamed various different factors in driving the increase, including the Covid-19 pandemic.

He added: ’There is a backlog of demand from the lockdowns earlier this year and last year where people have been unable to move for various reasons.

’Speaking to people I know who are looking to move, the primary reason given is that working from home has proved practical space challenges and brought home the need for that additional space.’

Because of border restrictions the property market was made up of predominantly local purchasers until the border regulations changed in June and there was an influx of off-island buyers.

Mr Ashford continued: ’There have been off island purchasers who have been looking to purchase for some considerable time but have been held back by the pandemic restrictions.

’With all this combined it means that demand, particularly for houses under £400,000, has shot up with pressure from multiple sources.’

Manxmove concluded there was a ’supply and demand issue’ and a ’lack of available homes up to £500,000’.

The local market ’seems set to continue to be a seller’s market, for the foreseeable future’.

In terms of renting prices, according to the government’s latest inflation report in August, rent prices have increased by 3% in comparison to the same month last year.

Property prices in the island are increasing by as much as £1,000 a week, according to Manxmove.

Manxmove, a local estate agency, released its quarterly property market report recently that showed the rapid rise in property prices.

According to the company, the market is ’frustrating’ for first-time buyers who ’struggle to compete’ with chain free cash buyers and investors.

In this sellers market, vendors ’frequently have several purchasers to choose from’, which means they are often choosing the buyers with the least complications and, as most first-time buyers have mortgage requirements, this can mean they are missing out.

David Ashford, MHK for Douglas North, felt there needed to be a mix of support schemes going forward.

He said: ’What we need to do is offer a mix of support to get people onto the property ladder.

’So, plot to build schemes, shared equity schemes, rent to buy and such.

’The first-time buyers scheme was right for its time but is now looking dated and we need to recognise one size does not fit all.

’There also, for the first time, perhaps needs to be considered a limit on the number of property that off island sources can hold.

’Affordable housing needs to be one of the top priorities of the next administration.’

An example of this large increase is one shown on Manxmove’s website when comparing Isle of Man Government registry sales.

A two-bed terraced house located in Farmhill, Douglas sold for £195,000 in 2020 and for £230,000 this year.

Also, a three-bed semi-detached house in Governors Hill, Douglas fetched £275,000 last year but £325,000 in 2021.

Mr Ashford blamed various different factors in driving the increase, including the Covid-19 pandemic.

He added: ’There is a backlog of demand from the lockdowns earlier this year and last year where people have been unable to move for various reasons.

’Speaking to people I know who are looking to move, the primary reason given is that working from home has proved practical space challenges and brought home the need for that additional space.’

Due to border restrictions the property market was made up of predominantly local purchasers until the border regulations changed in June and there was an influx of off-island buyers.

The MHK continued: ’There have been off island purchasers who have been looking to purchase for some considerable time but have been held back by the pandemic restrictions.

’With all this combined it means that demand, particularly for houses under £400,000, has shot up with pressure from multiple sources.’

Manxmove concluded there was a ’supply and demand issue’ and a ’lack of available homes up to £500,000’.

The local market ’seems set to continue to be a seller’s market, for the foreseeable future’.

In terms of renting prices, according to the government’s latest inflation report in August, rent prices have increased by 3% in comparison to the same month last year.