Housing expert says island faces a crisis as prices outstrip earnings
Chris Lee says little has been done to tackle the problem, while a mortgage adviser reports steadily rising prices and daily enquiries from would-be buyers.
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Port Erin and its bay from the slopes of Bradda Head. Photo: Zairon, CC BY 4.0
A housing expert has said the island is in a housing crisis, citing government figures that put the average house price at more than eight times average annual earnings, Manx Radio reported.
According to the broadcaster, the latest government report also found a shortage of homes to rent, in both the private and social sectors.
Chris Lee spent five years running the UK Government’s Help to Buy scheme and has since launched a rent-to-buy scheme on the island. He told Manx Radio that little has yet been done to tackle the island’s housing difficulties.
Mortgage adviser Paul Chase described a booming property market, driven by large numbers of people wanting to relocate to the island, Manx Radio reported.
Mr Chase said strong demand for the few homes on the market is nudging prices upwards. Manx Radio noted that this runs counter to the current trend in many parts of the UK.
He said his firm is fielding fresh enquiries daily, from island buyers and from people planning a move here.
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