Many people whose property is on the market now would ideally like to be in their new home by Christmas — but only those prepared to price realistically, to reflect the market as it actually stands, are likely to get there.
Buyers who are active right now are increasingly keen to complete before the year end, and we’ve seen a genuine ramping-up of activity as a result.
Where the Market Stands Right Now
Isle of Man house prices have climbed sharply over the past decade: the median house price has risen from roughly £249,000 in 2014 to around £350,000–£376,000 today, an increase of some 30–41% depending on the measure used, with flats up by a similar margin. At the same time, stock remains genuinely tight — particularly at the upper end of the market, where agents are reporting historic shortages between £950,000 and £3 million, with well-qualified, chain-free buyers competing hard for a limited number of listings.
Choose Your Agent Carefully
Despite this pickup in activity, your choice of agent still matters enormously, because too many agents continue to make rash promises. If you’re selling, be wary of any agent who flatters you with an inflated valuation, or tempts you with a commission rate so low — sometimes with hidden charges — that they cannot fund a decent level of service or properly train their staff.
Price by Comparison, Not by Feature
The market is stable, but buyers still have choice, and they buy by comparison. They will always choose the property that offers the best value relative to the alternatives available nearby.
Don’t fall into the trap of assuming that because your property is slightly larger, or has better views, or a bigger garden than the one next door, you should quote a higher asking price — doing so simply cancels out those advantages in the buyer’s mind. Equally, if your property is comparable to a neighbour’s, you’ll need to undercut their price if you want an early sale.
Our Advice
If you want to move this year, the rule of thumb hasn’t changed: choose a strong, independent, locally based agent, listen to their advice, and quote a genuinely competitive asking price. Get that right, and you may well be in your new home by Christmas — and we’d love to help you get there. It’s what we do.
Please feel free to contact us on 01624 645555 (Douglas) or 01624 845696 (Peel), or email hello@bgc.im for an initial, no-obligation conversation.