Theodolite Posted June 8, 2008 Share Posted June 8, 2008 Manx Radio news link: http://www.manxradio.com/readNEwsItem.aspx?id=21412 "...the needs of first-time buyers and those who have to rent their homes, are being forgotten as the Island's economy booms." What on earth does Bernie think can be done here? What provisions is he talking about should there be an economic downturn? I remain confused. Any suggestions? Link to comment Share on other sites More sharing options...
localyokel Posted June 8, 2008 Share Posted June 8, 2008 Manx Radio news link:http://www.manxradio.com/readNEwsItem.aspx?id=21412 What on earth does Bernie think can be done here? What provisions is he talking about should there be an economic downturn? I don't even know what he means (or whether he even knows what he means). The problem was 5 years ago not now. House prices have been ridiculous for years and the government has consistently not introduced any measures that would have stopped the real problem that exists now - which is people locked into big mortgages because first time buyers have had no other option but to buy overpriced housing on near full mortgages or rent at extortionate private rents because there was no alternative. What Bernie seems to be saying now is stating the bloody obvious. If there is a downturn these people won't be able to keep paying their big mortages, and those renting at stupid amounts each month won't be able to continue so they'll be out on their arse with no where to go. No shit, what a surprise. I never saw that one coming. What he seems to suggest now is that the government start building mini ghettos to drop these people in to if they get into difficulties if the economy turns. We used to have a failsafe system - its called local authority housing and if they had started building more of those years ago there would have been better options for young people that didn't involve leaving them in a shit load of debt from buying crappy overpriced homes or flats (sorry luxury lifestyle apartments) or handing over most of their earnings to the buy to let brigade. Link to comment Share on other sites More sharing options...
thebees Posted June 8, 2008 Share Posted June 8, 2008 It's old news, if he has only just relalised the poor are ignored then he is more stupid than he looks. Property has been seen as an investment for too long, the actual requirement is to have somewhere to live which should not be a problem. Kick the rich people out of council houses, compulsory purchase all the houses that are 'lying empty rotting' & sell them off to people who need houses to live in. Edit...9 minute post...lol Link to comment Share on other sites More sharing options...
mojomonkey Posted June 8, 2008 Share Posted June 8, 2008 I'm not quite sure how the government of a small island is meant to save the world from a global economic recession, or even how they can realistically not be affected by it? Given the contents and style of Mr Moffatt’s statements it strikes me that he is just another one of those people who like to highlight potential problems without offering viable solutions. In my experience, people who do that always come out the woodwork at a later date when something goes wrong to say “I told you so” but rarely do the opposite and say “I was wrong” when things go right. Unfortunately, I think that a number of members of Tynwald adopt a similar position. Link to comment Share on other sites More sharing options...
bluemonday Posted June 8, 2008 Share Posted June 8, 2008 The problem was 5 years ago not now. House prices have been ridiculous for years and the government has consistently not introduced any measures that would have stopped the real problem that exists now - which is people locked into big mortgages because first time buyers have had no other option but to buy overpriced housing on near full mortgages or rent at extortionate private rents because there was no alternative. What Bernie seems to be saying now is stating the bloody obvious. If there is a downturn these people won't be able to keep paying their big mortages, and those renting at stupid amounts each month won't be able to continue so they'll be out on their arse with no where to go. No shit, what a surprise. I never saw that one coming. What he seems to suggest now is that the government start building mini ghettos to drop these people in to if they get into difficulties if the economy turns. We used to have a failsafe system - its called local authority housing and if they had started building more of those years ago there would have been better options for young people that didn't involve leaving them in a shit load of debt from buying crappy overpriced homes or flats (sorry luxury lifestyle apartments) or handing over most of their earnings to the buy to let brigade. Superb post LY. 100% strongly agree. Take note government. But you never do............do you? The idea is to be proactive not reactive. Just because something doesn't seem likely ( at the time ) does not and will not preclude it happening. IMPO The recession has a very long way to go and even la la land will eventually feel the full impact and catch a cold. I'd anticipate some propaganda this week hooting about what a good situation the IOM is in despite the rest of the world.......... That might come back to haunt them. Link to comment Share on other sites More sharing options...
localyokel Posted June 8, 2008 Share Posted June 8, 2008 Take note government. But you never do............do you? To be fair its not just our government, the UK government has also let the housing market spiral out of control with the same combination of archaic planning laws and not releasing enough land for new builds. THe UK government also failed to regulate the banks so that they just encouraged people to take on massive mortgages with slack or non existent lending policies. This bubble unwinding is going to be exeedingly nasty for lots of people. Link to comment Share on other sites More sharing options...
bluemonday Posted June 8, 2008 Share Posted June 8, 2008 Again, you're right. Link to comment Share on other sites More sharing options...
triskelion Posted June 8, 2008 Share Posted June 8, 2008 To be fair its not just our government, the UK government has also let the housing market spiral out of control with the same combination of archaic planning laws and not releasing enough land for new builds. THe UK government also failed to regulate the banks so that they just encouraged people to take on massive mortgages with slack or non existent lending policies. Yes, we should just build and build until the whole country is covered in rabbit-hutch first-time buyers' homes. British (and Manx) people need to learn to live in flats. On another note, what exactly is the point of the Celtic League? It seems like something of an anachronism, like having a Roman Association or a Norman Congress. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 8, 2008 Share Posted June 8, 2008 On another note, what exactly is the point of the Celtic League? It seems like something of an anachronism, like having a Roman Association or a Norman Congress. Like the Judean Peoples Front, or the Peoples Front of Judea? Its straight out of Monty Python. Link to comment Share on other sites More sharing options...
Hermes Posted June 8, 2008 Share Posted June 8, 2008 As I understand it, the modern Celtic League had a WW2 Nazi collaborator and killer or two in its founder members. Alan Heussaf was involved with what the Germans referred to as their Bretonische SS! Interested persons might refer to Professor George Broderick's paper here: http://www.uhb.fr/langues/klask/documentat...ezen_perrot.pdf Not that it is anything to do with housing, but Prof Broderick is one of the foremost Manx scholars of our age: What he finds perhaps gives context to anything the Celtic League pronounces. It possibly demonstrates that the League's day is past - along with other violent struggles which have been damaging Celtic identity from within. Link to comment Share on other sites More sharing options...
Pragmatopian Posted June 8, 2008 Share Posted June 8, 2008 British (and Manx) people need to learn to live in flats. I agree. People seem to be fixated with having a piece of land extending from the centre of the earth to the edge of the universe. Having said that, most of the apartments on the IoM are unrealistically priced too. Link to comment Share on other sites More sharing options...
TerryMcCann Posted June 8, 2008 Share Posted June 8, 2008 The flats they build over here nowadays are terrible though. The one I am currently renting (probably built in the 70's) is ace, with proper sized rooms and even a seperate kitchen. If it came onto the market tomorrow I would bite the owners hand off. The crap that gets put up now with the wonderful combined kitchen/living room, shower room (no bath) and a bedroom that literally fits just a bed in are garbage. Who in their right mind would buy one as a home. If some decent sized well laid out and reasonably priced 2 bedroom flats were to be built I would happily buy one over a house. Who needs the hassle of a garden anyway... Link to comment Share on other sites More sharing options...
Theodolite Posted June 8, 2008 Author Share Posted June 8, 2008 Who needs the hassle of a mortgage anyway? When the bubble does eventually burst (or rather when we get sussed out by the rest of the world what exactly it is we are doing to make all this fortune) there will be a lot of long property owning faces on the Isle of Man. Link to comment Share on other sites More sharing options...
Slim Posted June 8, 2008 Share Posted June 8, 2008 Who needs the hassle of a mortgage anyway? When the bubble does eventually burst (or rather when we get sussed out by the rest of the world what exactly it is we are doing to make all this fortune) there will be a lot of long property owning faces on the Isle of Man. Don't own your own house eh? Just because you want the above to be true, doesn't make it so. There looks like there may be a correction going on, there's not much to show for a crash happening here even though mortgages are tougher to find than they were last year. I bought my first place just before the early 90's crash, everyone was wailing then too, but a few years later the market recovered. If you're in for the long haul, you wont have a long face. Link to comment Share on other sites More sharing options...
localyokel Posted June 8, 2008 Share Posted June 8, 2008 Don't own your own house eh? Just because you want the above to be true, doesn't make it so. There looks like there may be a correction going on, there's not much to show for a crash happening here even though mortgages are tougher to find than they were last year. I bought my first place just before the early 90's crash, everyone was wailing then too, but a few years later the market recovered. If you're in for the long haul, you wont have a long face. You've only got to read the latest OECD report on the risks to the UK economy to work out that its going to be tough - they estimate the UK is now more vulnerable than anywhere bar the USA because of an over reliance on financial services to drive wealth. Even though I'm a homeowner I believe the market here and in the UK needs to fall massively before it corrects to real values. I'd guess anywhere up to 40% is highly likely as a correction and it could be worse than that. Magically though the IOM will remain untouched, I read that in the Examiner. As for luxury flats. As Terry McCann says - who wants to spend £170,000 to hear their next door neigbours shagging through 12mm plasterboard walls. Most going up are shit. Its fine to say what people need to adapt to but you have to have a basic reason to buy. Here they are massively overpriced and not that well thrown up. Link to comment Share on other sites More sharing options...
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