The Latest Chrystals News

As an Estate Agent the question I am most asked is what state the property market?

Generally speaking the first half of the year has seen supply levels of listings increase at faster pace than sales transactions and trading conditions have been hampered by the lack of liquidity in the banking system. “Cash is king “ and buyers not restricted by selling first have more often than not been able to secure a purchase on favourable terms.

Whilst the annual TT motorcycling festival normally represents a “lack lustre” period for the Islands Estate Agents this year bucked the trend with the ratio of viewings to sales making a marked improvement. The economic downturn in Ireland and the UK has restricted the number of buyers in a position to move to the Island and as a consequence we have looked more closely at our own pool of resident applicants and potential buyers. Contracts exchanged during June have increased substantially on previous months and successful chain building has had a positive effect across different price bands. Chrystals have made recent sales in prestigious apartment blocks  with transactions taking place in Majestic, Onchan and Quay West, Douglas.

Whilst stock levels of property in the £1m plus band have been plentiful it is pleasing to note that we have received more offers in this category during the last 6 weeks than at any other time over the last 18 months. Some of this activity has been generated by realistic pricing but location and quality win through to attract the necessary interest.

With alternative investments producing disappointing returns cash buyers are entering the market to secure the best available property that represents value for money.

The prestigious Coutts Apartments at Onchan will be having a “ House warming party” on the 9th July with some attractive incentives. To find out more contact Chrystals Douglas office on 01624 623778 to arrange your invitation or ask for a personal viewing.

The rental market has seen tenant demand outstrip supply with new senior appointments to the e-gaming sector fuelling occupancy for prestigious family houses. Our busy rental departments have clinched multiple high end lettings over the last two months with a constant flow of new enquiries seeking quality accommodation in the £2,000- £3,500 pcm range.

At  the more affordable end- singletons and couples have been taking up  apartment rentals along the Douglas promenade with young families requiring two/three bedroom houses on estates. With mortgage finance for first time  buyers in limited supply renting provides a solution for residential occupancy in the short term. Demand continues apace for property under £1,000 pcm and  It is likely that this trend will continue for the foreseeable future.

For those in need of income generation our commercial department have a number of residential investment flat/apartment blocks that provide attractive yields.

Please feel free to contact me personally to see how Chrystals can help you. E-mail: shane.magee@chrystals.co.im or telephone 01624 623778