The TT fortnight historically interferes with property sales activity on the island as the majority of enthusiasts are distracted and rightly so during what is probably the biggest sporting/social event on the island.
To all accounts visitors were up, expenditure up, and the island benefited economically as it normally does.
What was particularly different this year for Cowley Groves during May and June was a significant number of properties were listed by our offices and fortunately enough in the price range that we need them in. The benefit here is that this affords a great variety to our would-be buyers and while sales were down during TT they will no doubt pick up with this new stock as we go forward. But the overriding fact, as I mentioned in my last report, is that activity is very comparable to last year with peaks and troughs which I expect to continue for the foreseeable future.
What also remains is that it is a buyer’s market with a huge amount of stock available for sale with all agents. In other words too much property for sale with too few buyers. Some of these properties have been on the market for a very long time and where limited sales occur here vendors need to be more prepared to revalue their properties in an effort to secure a sale. If sales aren’t occurring now with interest rates at their lowest level for decades this will be further exaggerated when interest rates start to rise.
Our rental department is inundated with requests for family homes particularly in Douglas and would welcome any enquiries for those who have empty properties and wish to create an income. Excellent returns are being achieved so do please call Mark or Anthony on 625888 if you have a property available to rent.
