Manx Property Prices

[monthlycurse]

I've got a list as long as your arm of 'Sold' houses, and been keeping this list for 3 months now.

 

But I've only seen two come through to the 'property sales' section in the paper!

 

I check the estate agents every day (saddo I know) and some agents seem never to have sold any houses nor do they seem to get any new ones! That can't go on for long can it?

 

Addie, can you comment on how closely the asking price matched the agreed sales price on the properties you've been tracking?

[piebaps]

I've been looking to buy for some time now and can offer the following observations

 

1. Estate agent's websites are piss poor and not updated daily. The only way to be sure what's actually up for sale is to call them and ask regularly. Some of the sites are total pants to search on as well.

 

2. in my target area there is plenty of movement in the range from around £200-£300k but the market is pretty static below and above.

 

3. I have seen quite a few price drops in the last two weeks ranging from £1k to £20k off the asking price in the range below £300k.

 

4. Anything which has any kind of development potential is getting swept up quickly and in a lot of cases before it makes the brochure.

[studmuffin]

just sold my house, was on the market for 9 days.

 

estate agent said stick it on for X and realisticly expect to get 5k under. Accepted an offer for 6k under rather than wait.

 

no real point other than the estate agent pretty much got it on the nail

[Addie]

... the estate agent pretty much got it on the nail

Grief! There's a first!

 

I remember many years ago we had an agent round to price our home. He said £74,000 and we were rather dissapointed. So we said to put it on for £120,000. It sold within 2 hours of their board going in the garden! Shame really, we didn't need the agent, just the board. Those were the days.

 

Congratulations on selling your property though.

 

____________________________________________________

 

 

monthlycurse , here are a couple but they are at the lower priced end of the market. The middle price range seem not to popped up yet!

 

http://www.cowleygroves.com/residential_de...p?prop_ref=9164

http://www.iomtoday.co.im/property-sales/P...2009.5325227.jp

 

http://search.issl.co.uk/detailslite.aspx?...rtyID=466643021

http://www.iomtoday.co.im/property-sales/P...2009.5280475.jp

[Slim]

just sold my house, was on the market for 9 days.

estate agent said stick it on for X and realisticly expect to get 5k under. Accepted an offer for 6k under rather than wait.

no real point other than the estate agent pretty much got it on the nail

 

Would you mind letting us know in percentage terms the difference in price between your buy and sell, and over what period?

 

Ta!

[studmuffin]

just sold my house, was on the market for 9 days.

estate agent said stick it on for X and realisticly expect to get 5k under. Accepted an offer for 6k under rather than wait.

no real point other than the estate agent pretty much got it on the nail

 

Would you mind letting us know in percentage terms the difference in price between your buy and sell, and over what period?

 

Ta!

 

bought 8ish years ago, probably about 85% increase. but the one we are buying will have gone up the same.

 

to be fair as well we havejust complety redecorated, new bathroom, carpets etc. Houses are shifting but as there is choice you have to put a bit of effot.

 

I looked at one infarmhill for 235k, had not been touched since it was built, that had been on the market for ages and I suspect it will be there this time next year. The estate agent was almost grimacing bringing us round as easlily 25k to bring it up to spec.

[pongo]

I am not saying that prices are on the way down because I have no evidence of that. However it is always true in all property markets that prices start off sticky on the way towards heading down. A down is almost always preceded by a long period of stagnation and fewer properties coming to the market. Because sellers have unrealistic expectations.

 

And it is worth noting that long term interest rates are likely to be very much higher. Because long term interest rates are, ultimately decided by the cost of govt borrowing - ie by the sentiments of the bond markets.

[Albert Tatlock]

I am not saying that prices are on the way down because I have no evidence of that. However it is always true in all property markets that prices start off sticky on the way towards heading down. A down is almost always preceded by a long period of stagnation and fewer properties coming to the market. Because sellers have unrealistic expectations.

 

And it is worth noting that long term interest rates are likely to be very much higher. Because long term interest rates are, ultimately decided by the cost of govt borrowing - ie by the sentiments of the bond markets.

...and with relatively high unemployment, few wage rises and banks not willing to lend stupid X multiples of salary anymore...it also points to a relatively lengthy trough too.

 

Buy in November - sell if you have too not more than 3 years in November, earliest IMO. Consider downsizing now if you are in such a position and are worried about your job. The economy generally takes a year after good news to reflect that good news. But we ain't had much good news from the UK yet.

 

Moreover, the impact on the islands economy WRT the UK/ROW is usually around a year later i.e. what happened in the UK last winter will happen here this winter.

 

Politicians here need to bear that in mind and take appropriate action to boost and protect the economy - er now - instead of just sitting optimistically with their thumbs up their bums until the inevitable fire starts. And yes that means protecting IOM workers via work permits IMO, many of whom are currently being shafted by the economy and the ignorance of their own 'leaders', who are letting too many outsiders still come in while paying out £15,000 a year each for the 1000 IOM workers sitting on their arse. There are some clever people having to do some sh1tty jobs at the moment or sat at home looking for work and spending their savings.

[manshimajin]

...and with relatively high unemployment, few wage rises and banks not willing to lend stupid X multiples of salary anymore...it also points to a relatively lengthy trough too.

 

Moreover, the impact on the islands economy WRT the UK/ROW is usually around a year later i.e. what happened in the UK last winter will happen here this winter.

I have always been a pessimist with regards to house price inflation - I admit I was wrong this time round as I expected the bubble to burst much sooner than it did - and the bubble does seem to still be inflated here but not growing.

 

IMO your comments make sense Albert. I cannot see where growth in prices will come from. There have to be positive demographic, economic and supply and demand factors to push prices up. These look much more likely to lead to a decline or stagnation at present.

[pongo]

Recovery follows recession partly because of the natural cycle but also specifically because recession is very often a time of business opportunity. It is a time when people build value into a business, put in the long hours for no pay etc. In that sense recession is good and people work harder.

 

In a recession there is also downward pressure on wages and it is potentially easier to employ people. Costs are often lower in general - eg even rents etc. It would probably be a mistake to introduce or overly enforce any restrictions which might offset any of the potential positives. Genuine recovery is almost always about the cycle rather than anything which govt can do.

[wazir]

Recovery follows recession partly because of the natural cycle but also specifically because recession is very often a time of business opportunity. It is a time when people build value into a business, put in the long hours for no pay etc. In that sense recession is good and people work harder.

 

In a recession there is also downward pressure on wages and it is potentially easier to employ people. Costs are often lower in general - eg even rents etc. It would probably be a mistake to introduce or overly enforce any restrictions which might offset any of the potential positives. Genuine recovery is almost always about the cycle rather than anything which govt can do.

 

Quite right... the invisible hand and all that - it will all be fine...

[jaybs]

One problem currently with properties for sale is sellers often appoint a few estate agents, the property will show sold on the agent who has sold it but it will remain up on the others sites for ages?

[manshimajin]

Recovery follows recession partly because of the natural cycle but also specifically because recession is very often a time of business opportunity. It is a time when people build value into a business, put in the long hours for no pay etc. In that sense recession is good and people work harder.

 

In a recession there is also downward pressure on wages and it is potentially easier to employ people. Costs are often lower in general - eg even rents etc. It would probably be a mistake to introduce or overly enforce any restrictions which might offset any of the potential positives. Genuine recovery is almost always about the cycle rather than anything which govt can do.

As day follows night....at some point things improve from rock bottom and it is called 'recovery'.

 

The challenge this time round will be how to deal with repaying the massive amounts of government borrowings/debt whilst maintaining recovery. The UK has yet to see the massive cut backs needed in the numbers of public servants and the effects of both tax and interest rate increases.

 

This is why the recovery IMO will be more drawn out than past recoveries.