Estate Agent Warns of IOM Housing Shortage

Tax-news.com

09 September 1999

A leading local estate agent has warned that the supply of properties in the price bracket up to £250,000 is critically low, which is leading to extreme price increases in favoured locations. David Creane, chairman of Cowley Groves claimed that in some areas prices for selected properties have doubled in the past eighteen months: 'The main reason for the activity in the market is the Island's economic growth. Local companies, particularly those in the finance sector, are doing better than ever. This creates more employment and brings more people to the Island,' he said. Mr Creane believes the pattern of economic growth is likely to continue, and the property shortage must be addressed: 'Where will we all live? The non-availability of development land has caused an acute bottleneck to occur, with very little new product currently available for sale.' Mr Creane said that ALL the properties on his company's books valued at below £100,000 have been sold, and no purpose built office accommodation is available to let. ENQUIRIES Meanwhile the Cowley Groves chairman believes new industries are set to turn up the economic heat in the Island. He says enquiries have been received from people involved in the film industry and other new areas of business. He added: 'We have also seen the emergence of offshore betting which is bringing additional people, and with the birth of e-commerce the Island could see even more newcomers arriving on its shores.'

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