Yussir Down Under Posted August 7, 2009 Share Posted August 7, 2009 Has the Island's property market stabilised? It would appear from afar that houses in the top end (> 400K) of the market aren't moving? Is this the case? Does anyone envisage a downturn in property prices? Thanks ... Link to comment Share on other sites More sharing options...
Penguin Posted August 7, 2009 Share Posted August 7, 2009 Definitely on the upwards. TBH depending on the market you were looking at they always have been here. Link to comment Share on other sites More sharing options...
GD4ELI Posted August 7, 2009 Share Posted August 7, 2009 Does anyone envisage a downturn in property prices? No, not unless there's a big change in unemployment statistics which seems unlikely. The Island's economy seems to be very robust, so IMO prices will at least just stay more-or-less stable. Link to comment Share on other sites More sharing options...
GD4ELI Posted August 7, 2009 Share Posted August 7, 2009 No, not unless there's a big change in unemployment statistics which seems unlikely. The Island's economy seems to be very robust, so IMO prices will at least just stay more-or-less stable. Link to comment Share on other sites More sharing options...
Slim Posted August 7, 2009 Share Posted August 7, 2009 Asking prices definitely became more realistic. Link to comment Share on other sites More sharing options...
manshimajin Posted August 7, 2009 Share Posted August 7, 2009 Have noticed quite a few >500K houses/apartments have been advertised for the last 12 months and are still for sale. IMO some people are not adjusting their asking prices to match the downfall in demand in the hope the market will pick up. Tax policy in the UK to pay for the massive borrowings they have made could encourage some more higher end movement in next 2-3 years - but they have to sell up in the UK first which is still looking hard. There is a difference between sale price aspiration and the availability of prospective buyers. But people seem to be hanging in without great pressures to adjust downwards to sell. Maybe by the time the Aussies reclaim the Ashes it will be a bit better???? Saw a report that property prices in Oz had risen 4.2% this year. Any signs of the Reserve Bank there thinking about increasing interest rates? Link to comment Share on other sites More sharing options...
tiptop Posted August 7, 2009 Share Posted August 7, 2009 I feel that the market has definitely stabilised. Rental properties are absolutely flying off the shelves, and considering how much new property has been built on the Island over recent years, there seem to be very few units left that aren't snapped up. The Island has weathered the storm very very well compared to the UK and Ireland, and I've noticed a lot of new vacancies for employers in the local press as well. Green shoots? Do they have roots? I think so! Link to comment Share on other sites More sharing options...
ham Posted August 7, 2009 Share Posted August 7, 2009 Property sales seem to have stagnated compared to the period before the current world finance problems. 10 sales completed last week compared to an average of about 20 before when i did a quick review of the declarations in IOM online. I don't understand why one of these high earners who may be taking umbrage at the UK tax rate increase to 50% would move to the Isle of Man and buy property here.. doesn't that mean they would have to quit the job that was earning them so much money that they were in the top UK tax bracket to start with? And then, doesn't that mean they've locked a considerable amount of money which is so important to them into something that may be difficult to liquidate when tax rates change after the next UK election (assuming conservatives replace labour). Is anyone on this forum actually one of these tax migrants or potential tax migrants who can explain the rational of a move to the Isle of Man for tax reasons? Link to comment Share on other sites More sharing options...
ham Posted August 7, 2009 Share Posted August 7, 2009 Rental properties are absolutely flying off the shelves, I can understand rental properties moving quickly.. if your job disappears and you have to move off island to follow work, you haven't got that mortgage obligation, or a need to sell to someone else (although, I guess you could always rent it out to someone else if you had to leave the IOM) Link to comment Share on other sites More sharing options...
Miss Roo Posted August 7, 2009 Share Posted August 7, 2009 I feel that the market has definitely stabilised. Rental properties are absolutely flying off the shelves, and considering how much new property has been built on the Island over recent years, there seem to be very few units left that aren't snapped up. Oh i dont know! There seems to be quite a few on the old Venue site.... Link to comment Share on other sites More sharing options...
Slim Posted August 7, 2009 Share Posted August 7, 2009 Property sales seem to have stagnated compared to the period before the current world finance problems. 10 sales completed last week compared to an average of about 20 before when i did a quick review of the declarations in IOM online. IOM Online doesn't report all sales, just a snapshot in each price range. Rentals are still going pretty strong, but it's definitely more challenging finding tenants now, and they're fussier. Two years ago you'd have your choice of eastern European, and when one left, they'd have another one desperate to move in. Now, you have to look around a bit and advertise. Link to comment Share on other sites More sharing options...
Cambon Posted August 7, 2009 Share Posted August 7, 2009 House prices over here are funny, to say the least. Basically, there are loads of properties on the market but they are not moving because the prices are too high. People want to buy them but they cannot get funding from the banks, who are being much more prudent than a couple of years ago. It will have to give one way or the other sooner or later. After RBS' results this morning, I doubt that the banks will give any time soon. The banking crisis has been with us for two years now and concentric ripple effect is still expanding, affecting different sectors in different ways. I would suggest that the rental market has picked up because it is much more difficult to get a mortgage. Mark my words, this is recession is far from over. Darling can "tell" the banks to lend more until he is blue in the face, but that is what got them into this mess in the first place. Expect a few more high street chains to go bust and a load more smaller businesses too. Probably the odd local estate agent if they are not careful. Link to comment Share on other sites More sharing options...
Sebrof Posted August 7, 2009 Share Posted August 7, 2009 Asking prices definitely became more realistic. Did they go down or up? Careful how you answer this. S Link to comment Share on other sites More sharing options...
Sebrof Posted August 7, 2009 Share Posted August 7, 2009 Property sales seem to have stagnated compared to the period before the current world finance problems. 10 sales completed last week compared to an average of about 20 before when i did a quick review of the declarations in IOM online. I don't understand why one of these high earners who may be taking umbrage at the UK tax rate increase to 50% would move to the Isle of Man and buy property here.. doesn't that mean they would have to quit the job that was earning them so much money that they were in the top UK tax bracket to start with? And then, doesn't that mean they've locked a considerable amount of money which is so important to them into something that may be difficult to liquidate when tax rates change after the next UK election (assuming conservatives replace labour). Is anyone on this forum actually one of these tax migrants or potential tax migrants who can explain the rational of a move to the Isle of Man for tax reasons? Simple, we are talking about people with lots of capital, not wage slaves. S Link to comment Share on other sites More sharing options...
Sebrof Posted August 7, 2009 Share Posted August 7, 2009 House prices over here are funny, to say the least. Basically, there are loads of properties on the market but they are not moving because the prices are too high. People want to buy them but they cannot get funding from the banks, who are being much more prudent than a couple of years ago. It will have to give one way or the other sooner or later. After RBS' results this morning, I doubt that the banks will give any time soon. The banking crisis has been with us for two years now and concentric ripple effect is still expanding, affecting different sectors in different ways. I would suggest that the rental market has picked up because it is much more difficult to get a mortgage. Mark my words, this is recession is far from over. Darling can "tell" the banks to lend more until he is blue in the face, but that is what got them into this mess in the first place. Expect a few more high street chains to go bust and a load more smaller businesses too. Probably the odd local estate agent if they are not careful. Indeed. After the last house price boom in the UK, it took eight years before prices established a firm upward trend. Before then, there were some false dawns. I think we are looking at fifteen or twenty years before the UK is buzzing again. There is still a huge amount of pain in the pipeline - pain that will include massive civil service cuts because the government won't have the money to pay people. Corporation tax receipts are probably negative at the moment because advance payments of corporation tax are being refunded. All this will inevitably impact the IOM. S Link to comment Share on other sites More sharing options...
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