manshimajin Posted April 30, 2008 Share Posted April 30, 2008 LONDON (Reuters) - House prices fell for the sixth month running in April to stand 1.0 percent lower than a year ago -- the first annual fall in more than 12 years, the Nationwide building society said on Wednesday. That came a day after a Bank of England policymaker warned there was a danger of home prices crashing by more than 30 percent and as another survey showed the consumer mood at its bleakest since the economic slump of 1992. http://uk.news.yahoo.com/rtrs/20080430/tuk...de-fa6b408.html IOM 2008 Budget speech THE HOUSING MARKET REMAINS BOUYANT. TO DATE THERE IS NO INDICATION OF A REDUCTION IN PRICES AS HAS BEEN SEEN IN THE UNITED KINGDOM. HON A. BELL MHK - MINISTER FOR THE TREASURY (February 2008) Is there similar data on house price movements in the IoM? Rightly or wrongly I get the impression that obtaining this sort of information is down to personal observation. However I see Mr Bell uses the term 'indication' so I wonder if there is a data source or is he guessing too? Link to comment Share on other sites More sharing options...
thebees Posted April 30, 2008 Share Posted April 30, 2008 My friend just got £30k off a house asking price paid £175 vs the £205 they were asking, that would indicate to me that houses are getting stuck on the market. Link to comment Share on other sites More sharing options...
TerryMcCann Posted April 30, 2008 Share Posted April 30, 2008 A fall over the next 12 months would be nice for me. I should have a big fat deposit saved up by then and will be ready to spend Link to comment Share on other sites More sharing options...
Mutley Posted April 30, 2008 Share Posted April 30, 2008 House prices may be falling but banks are taking the piss with their mortgage products. Link to comment Share on other sites More sharing options...
studmuffin Posted April 30, 2008 Share Posted April 30, 2008 House prices may be falling but banks are taking the piss with their mortgage products. So does that mean, prices drop but average Joe cannot get a decent mortgage. Thus the property barons, already cash rich can afford to snap up the cheaper houses, sit and wait and repeat the process of getting rich which they enjoyed through the 90`s again renting to people who cannot get a good affordable mortgage ? Not an economics guru, which maybe evident ! Link to comment Share on other sites More sharing options...
Cambon Posted April 30, 2008 Share Posted April 30, 2008 House prices may be falling but banks are taking the piss with their mortgage products. Erm, the banks have little or no money to lend. What little they may have they are being very selective about who they lend to. Is that really taking the piss? Link to comment Share on other sites More sharing options...
Tugger Posted April 30, 2008 Share Posted April 30, 2008 I think house prices are solid here, although perhaps it depends on which segment of the market you're in. This house... http://www.blackgracecowley.com/rdetails.a...&id=GVH2638 ... was on sale for £499,000 in late 2006. Link to comment Share on other sites More sharing options...
Slim Posted April 30, 2008 Share Posted April 30, 2008 So does that mean, prices drop but average Joe cannot get a decent mortgage. Thus the property barons, already cash rich can afford to snap up the cheaper houses, sit and wait and repeat the process of getting rich which they enjoyed through the 90`s again renting to people who cannot get a good affordable mortgage ? Not an economics guru, which maybe evident ! It's not that great having your property stock devalued under your nose though. On the bright side, less first time buyers sales mean rentals are in demand, so those prices go up. Link to comment Share on other sites More sharing options...
sideways Posted April 30, 2008 Share Posted April 30, 2008 My friend just got £30k off a house asking price paid £175 vs the £205 they were asking, that would indicate to me that houses are getting stuck on the market. Saying that , i have just put my house on the market and the estate agent told me the price i should put it on at .... and that is about 25K more than i had thought of , they said i was undervaluing it , so we shall see what happens . If it sells i shall be very happy , but if someone offers a fair bit less than the asking price i will be taking a long hard think and probably still take it , which is what i suspect has happend with your friends purchace ..... Link to comment Share on other sites More sharing options...
pongo Posted April 30, 2008 Share Posted April 30, 2008 if someone offers a fair bit less than the asking price i will be taking a long hard think and probably still take it , which is what i suspect has happend with your friends purchace ..... The agents don't always pass on low offers. That isn't friend - of - a - friend rumor btw. I have direct experience (once as a buyer and once as a seller). So if you are open to offers then you might want to consider also marketing it yourself. Link to comment Share on other sites More sharing options...
Chinahand Posted April 30, 2008 Share Posted April 30, 2008 House prices are really complex - often what happens is that people simply withdraw from the market - house sales contract, but reduced supply as well as people being less willing to pay high prices (less demand) really make comparisions difficult. My understanding is that the housing market is standing up reasonably well over here - increased population, increased wealth raising expectations and lack of new build means there is still strong demand. Plus retirees etc are happy to wait for the right price to come along and so don't drop their price - they just wait for the peaks of the market to catch up with their expectations and cash in. It all makes it very hard to compare us with the UK etc. Link to comment Share on other sites More sharing options...
iomgirly Posted May 1, 2008 Share Posted May 1, 2008 I think the housing prices on lower (haha) priced houses are very stable if not on the up - when I first looked at houses last summer there was lots of choice around the £160-£180k mark, now there is pretty much nothing, unless im looking for an apartment which are now retailing at ridiculous prices! The Island is its own entity when it comes to this sort of thing - banks have put up rates and fees etc but are still lending its just finding the property at the amount you can borrow! The thing I find the funniest is the island has never really done 100% mortgages, credit crunch is all over the news and the IOM bank launches 100% mortgage! Link to comment Share on other sites More sharing options...
thesultanofsheight Posted May 1, 2008 Share Posted May 1, 2008 I think the housing prices on lower (haha) priced houses are very stable if not on the up - and I think your mental. Link to comment Share on other sites More sharing options...
slinkydevil Posted May 1, 2008 Share Posted May 1, 2008 The thing I find the funniest is the island has never really done 100% mortgages, credit crunch is all over the news and the IOM bank launches 100% mortgage! Not for long. Link to comment Share on other sites More sharing options...
manxy Posted May 1, 2008 Share Posted May 1, 2008 I think house prices are solid here, although perhaps it depends on which segment of the market you're in. This house... http://www.blackgracecowley.com/rdetails.a...&id=GVH2638 ... was on sale for £499,000 in late 2006. Hey, whats my house up for sale for only joking There's still a shortage of first time buyer houses and I'm sure various house builders will market that to there own advantage, plus a shortage of quality executive homes as well. I do worry that our kids can't afford to get on the ladder these days and will probably have to wait for a win on the lottery at this rate. I'm not sure what the answer is, but it does seem that houses are snapped up quite quickly and turned into rented accommodation. Maybe there should be a limit on this? Link to comment Share on other sites More sharing options...
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