Residential Property
Residential Property
The construction industry has been swift to respond to the demands of a growing Island population and homes of all sizes, to suit most tastes, pockets and lifestyles, are available in a variety of locations. Potential buyers will find a comprehensive range of properties available on the Island including apartments, bungalows, traditional terraced, semi and detached houses and quaint country cottage retreats right up to large country and coastal properties. New executive developments on the periphery of Douglas have met much of the increased demand for new property.
Whereas many of those working in the capital would choose such homes, the housing stock exists in many other parts of the Island, where prices can often be cheaper. Whilst property values have increased in recent years they are comparable with many areas of England and Wales and are certainly lower than the south-east of England. Public Sector Housing - Both Central Government, through its Department of Local Government and the Environment, and several of the district local authorities, including Douglas, hold and control a sizeable stock of public sector housing. However, Government policy encourages home ownership and emphasis is placed on mortgage assistance for first-time buyer homes in the freehold market. The construction of state-owned premises, where appropriate, currently including the provision of housing for the elderly.