Are house prices rising or falling?

IN 2022, THE BUSIEST PRICE BAND WAS

MAUGHOLD – MOST EXPENSIVE £975,000, cheapest £265,000 (a 3 bed semi)

CASTLETOWN MOST EXPENSIVE –5 bed, 4 bath in Knock Rushen £800,000

3 PRIVATE HOUSES SOLD FOR

£200-£300k (350 properties sold Jan 22-Dec 22) or more £2,000,000 £50k or less

8 FLATS OR HOUSES COST BUSIEST MONTH WAS

November 2022 with 169 transactions totalling £56,552,116 19% increase in number of transactions in Nov 2022, over Nov 2021 but a fall in the average price of £27,000 to £315k

QUIETEST MONTH WAS

October 2022

– just 86 transactions totalling £37,743,500 but average price £440K

QUESTIONS WHICH ALL ESTATE AGENTS HEAR EVERY DAY, BUT WILL THE NEW LAND REGISTRY DASHBOARD, LAUNCHED IN FEBRUARY, HELP WITH THE ANSWERS?

The quick answer is sort of. It’s based on historical figures recorded by the Land Registry – from October 2021 – with a daily update on transactions currently being processed, and the length of time these transactions are taking (currently 58 days from purchase to being registered with land registry). But this is NOT what every house seller/buyer wants to know: how long does it take from offer to moving in. And the dashboard doesn’t just cover the housing market, but also transactions of commercial property and ‘burdens’ which include remortgages.

But if you like statistics, there are lots of them and it certainly does attempt to increase transparency around property transactions. We’ve picked out just a few:

CASTLETOWN CHEAPEST –I bed flat in Castle Court £169.950

NUMBER OF PRIVATE PROPERTIES SOLD in Peel – 122, cheapest £120K, most expensive £1,035,000

CHEAPEST?

IN 2022

13 garages

MOST EXPENSIVE PROPERTY were sold in Ramsey, average price 13.7k and sold in Douglas, average price 25.5k

6 garages

3 flats in St Paul’s Square, Ramsey each

£27,666

£6,784,050 sold in 2022, Standard Bank House, Douglas£2,395,000 was in Port St Mary -

MOST EXPENSIVE PRIVATE HOUSE

PROPERTY PROFILE