Confidence is returning to the Manx property market, according to a leading estate agent.
Cowley Groves chairman David Creane believes there has been a noticeable change in mood and attitude - although this did not mean that we are ‘out of the woods’ yet.
In his market report for July, he said: ‘Momentum continues to gather. This is not to be interpreted as a return to the days when buyers were literally buying unseen and over the phone but a noticeable change in people’s attitude has taken place.
‘Unit sales made over the past few months are significantly higher than last year but by no means anything like the buoyant days of old.
‘To put it into perspective in the last few months of this year we have doubled the number of sales effected compared to last year. This undoubtedly has a knock on effect in the many areas the property market touches which quite literally are enormous.
‘Whilst I don’t want to beat the drum that the good times are back I certainly want to reflect change in mood and attitude.’
Mr Creane said there are a significant number of properties on the market for sale – some of which are vastly over-priced which will not sell unless a realistic attitude prevails among vendors seeking higher prices than the market can stand.
‘Having overpriced properties distorts the market and conveys the wrong impression. All this does is create confusion,’ said Mr Creane.
He said a swap register is proving successful in cases where properties have been on the market for some time. Matching a vendor and a buyer together with a cash consideration for the difference has allowed transactions to take place.
Two houses on the same estate in Crosby were matched by Cowley Groves this month.
This week’s Business Word, free with today’s Isle of Man Examiner, takes a look at the Manx property market.