Newsbot Posted March 11, 2007 Share Posted March 11, 2007 Building plots for more than 100 properties on the Isle of Man are to be sold off by the government. Source : http://news.bbc.co.uk/go/rss/-/1/hi/world/...man/6439323.stm Link to comment Share on other sites More sharing options...
localyokel Posted March 11, 2007 Share Posted March 11, 2007 Details of the initial plots released for self-builders and small contractor-developers are available in an information pack from the Estates and Housing Directorate So no deals for people who need low cost housing then? Just more profit potential for speculators and people with the finance to develop a plot. Link to comment Share on other sites More sharing options...
mojomonkey Posted March 11, 2007 Share Posted March 11, 2007 So no deals for people who need low cost housing then? Just more profit potential for speculators and people with the finance to develop a plot. They already run an assisted purchase scheme and provide local authority housing, what else do you want them to do? Link to comment Share on other sites More sharing options...
localyokel Posted March 11, 2007 Share Posted March 11, 2007 So no deals for people who need low cost housing then? Just more profit potential for speculators and people with the finance to develop a plot. They already run an assisted purchase scheme and provide local authority housing, what else do you want them to do? It just seems like the developers always get first shout with most of these schemes. I'm not bothered. As Chopley says who in their right mind wants to live in a dump like Jurby any way? It used to be a dump build around an army base and now its going to be a dump built around a prison. Thats upward mobility for you. Link to comment Share on other sites More sharing options...
Slim Posted March 11, 2007 Share Posted March 11, 2007 "The plots will feature a range of properties, including eco-housing and homes for first-time buyers." Still, whatever, you'll bleat either way. Link to comment Share on other sites More sharing options...
localyokel Posted March 11, 2007 Share Posted March 11, 2007 "The plots will feature a range of properties, including eco-housing and homes for first-time buyers." Still, whatever, you'll bleat either way. No. I'm just saying the first plots (the ones you'll make the most profit on as other housing goes up around them) are to go to those looking to cash in. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted March 11, 2007 Share Posted March 11, 2007 So no deals for people who need low cost housing then? Just more profit potential for speculators and people with the finance to develop a plot. They already run an assisted purchase scheme and provide local authority housing, what else do you want them to do? Free up a couple of square miles of land for development to lower land costs - which will help stabilise and control housing costs - so that hardworking people on reasonable salaries under 30 years of age, or people who get divorced, or people that work in essential services etc. etc. can afford to buy themselves a home. 100 houses is nothing compared to our current population growth, housing needs and economic strategy needs. Everyone has a right to somewhere to live and not pay over the odds for it. The government own much land that could be released for housing development without spoiling the island. The market is at risk of collapse at present, and in the next economic down turn the majority of people with high mortgages will be left with negative equity. If you don't think this'll happen in the next two years - then you don't understand basic economics and politics. Crashes are usually caused by a combination of interest rates, exchange rates, and a fairly low percentage of people in the market that can't afford to pay anymore - and a major gap between the first time buyers and their ability to replace them. Releasing land in a controlled manner and actively stabilising prices will help ensure that house values will not suddenly crash - but the government here do not have that equation balanced correctly. If house prices are stabilised periodically it gives new buyers the chance to catch up and gives existing owners some protection from a crash. It also ensures that people have cash to spend in the economy to lessen the chances of an economic down turn. House prices cannot go up forever, because wages need to match - do the maths yourself comparing a 10% a year increase in house prices and a 3% a year pay rise. Because the rise in prices has been so ridiculous over the past few years - the next crash will be all the worse, and my prediction is around 30% (possibly even 40%). This will no doubt be followed by the election of a conservative government in the UK and the cycle will continue, when people realise that Labour have built a 'smoke and mirrors' economy, and people have 'forgotten' how the conservatives damaged the UK economy in the 80s and 90s. People have their thumbs up their bums at the moment, hoping their house will be their 'pension' because stock markets have failed to deliver. The reality is that your house is only worth what someone can afford to pay for it at the time you decide (or are forced) to sell it. Link to comment Share on other sites More sharing options...
keyboarder Posted March 11, 2007 Share Posted March 11, 2007 If there is a crash (and I hope there isn't), at least this is usually followed by a golden opportunity to pick up a few repossessions at auction, often for next to nothing. Good news for those able to ride out the storm. Property will always be good long term investment. Link to comment Share on other sites More sharing options...
Juan Kerr Posted March 11, 2007 Share Posted March 11, 2007 If there is a crash (and I hope there isn't), at least this is usually followed by a golden opportunity to pick up a few repossessions at auction, often for next to nothing. Good news for those able to ride out the storm. Property will always be good long term investment. I don't think so this time. If there is a crash (and I agree with Albert here that it really is a matter of time) there is so much money in the system at the top end that you'll still not get the chance to buy on the really cheap. Any crash will wipe out the average buyers who took on big mortgages in the last couple of years, and the really stupid buy to let investors who stacked up a pile of debt spent the extra income and failed to pay borrowings off. But those that have made the big money over the last 10 years will just offset their losses by buying back in at bargain prices. Any crash will debt linked. A few points on interest rates and a job shock would probably be enough to trigger. But those at the top of the chain are not carrying much debt and are also sat with very healthy bank balances still earning relatively low rates of interest. If the housing market goes, the stockmarket goes and it will be gilts or distressed property as the preferred buy. Link to comment Share on other sites More sharing options...
thebees Posted March 16, 2007 Share Posted March 16, 2007 I read about this in the paper last night. Out of 130 odd plots 50 are to be sold to selfbuilders and small contractors, the rest Heritage homes or Parkinsons, looks like a scam to me. Link to comment Share on other sites More sharing options...
localyokel Posted March 16, 2007 Share Posted March 16, 2007 I read about this in the paper last night. Out of 130 odd plots 50 are to be sold to selfbuilders and small contractors, the rest Heritage homes or Parkinsons, looks like a scam to me. I studied the plans to. But what else do you expect? If you look at the plans its pretty much all for development. How many of the 50 self build plots will be for people who can't get a mortgage deciding to self build as an alternative? Very few because self build mortgages are more difficult to get than a standard mortgage for 1st time buyers. They will all go to private developers / plumbers / electricians / small builders who will be putting them up to sell them at a profit. The rest are to be built by big developers for sale at a market rate. Link to comment Share on other sites More sharing options...
Roger Smelly Posted March 16, 2007 Share Posted March 16, 2007 Well from what i hear the cheapest plot is £61000.00 When you think about the price and whats there for families i think the government are living in hope. The shop is shut by the time most people finish work the pub is not bad but you need to have a thick skin. Jurby maybe a cheap way of getting on the ladder but most people who look at this will realise that once they build there house will they be able to sell in the future ? like others have said its only ever going to be a prison village. Link to comment Share on other sites More sharing options...
sarahc Posted March 16, 2007 Share Posted March 16, 2007 They've been trying to sell off these plots for many many years. Nobody wants them no matter how little money they cost. But they keep trying because what else can you do? Link to comment Share on other sites More sharing options...
localyokel Posted March 16, 2007 Share Posted March 16, 2007 They've been trying to sell off these plots for many many years. Nobody wants them no matter how little money they cost. But they keep trying because what else can you do? I did think Juan Wattersons chronic oversell of the whole thing was priceless. http://www.manxradio.com/ReadItem.aspx?ID=...mp;cate=General "Department member Juan Watterson says Jurby has a proud past as a WW2 community of young men and women who worked together to secure our freedom. And he says they will foster an environment where a new generation can create a future for themselves and their families through their own efforts." You could almost hear the Dambusters theme in the background, and was that David Callister shouting "Chocks away Ginger" in the distance as he spoke? If they want to delude themselves that Jurby is the future of a "new generation" of young Manx then god help us all. If the main towns of this Island were not stuffed with empty apartment blocks there would be no need for all of this, and if the market was not being horrendously manipulated we wouldn't have to be selling Jurby as the only place our kids can afford to buy property. Link to comment Share on other sites More sharing options...
Roger Smelly Posted March 17, 2007 Share Posted March 17, 2007 Well i think if the government sold them for £15.000 to £20.000 you would get people intrested but £60.000 is too much for people need this type of development. What they need to do is virtually give the plots away so that it will spark the start of a new future for jurby. Its not a bad spot Jurby its just the place needs development. Link to comment Share on other sites More sharing options...
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