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Weather on the Island
Housing & Employment

Housing: Recently the housing market in the Isle of Man has shown signs of cooling with prices rising by only 8% in the last 18 months. As in the United Kingdom, the majority of private house sales are conducted through estate agents who are plentiful on the Island. Commissioner housing, the equivalent in the United Kingdom of council/housing association property is also available to those who qualify.

All the mainstream banks and building societies are represented on the Island, and because of the Island's offshore status many of them have their headquarters here. As a result there is stiff mortgage competition between the various financial institutions.

House buyers on the Isle of Man benefit from full tax relief on Manx mortgage interest, and do not encounter stamp duty like they do in the UK. Instead they pay a record fee of between £4 minimum and up to £1000 (for a property valued at £1,000,000).

Employment: The underlying trend in 2006 is that there is a broad range of positive career opportunities likely to continue throughout the year. 2005 was a steady year for the recruitment market showing considerable increases in more senior opportunities so giving encouraging signs for the year ahead. Salaries for vacancies range from £10,000 to £120,000 and hourly rates for temporary position from £6 to £35. A buoyant situation on the Island which offers exciting carer prospects, and a high quality of life and standard of living, thus attracts a large number of high calibre people.

In 2005 the unemployment rate was under 2% and this is a relatively low and favourable position compared to many other nations. Vacancies registered with the Job Centre are roughly equal to the number of unemployed.