manshimajin Posted August 28, 2009 Share Posted August 28, 2009 Slim, a situation where: valuations were up 18 per cent and even viewing appointments were up 14 per cent on 2008. But sales were down by around 18 per cent. sounds to me like more people are thinking of selling but offers are getting scarcer. It is hard to tell exactly what is happening. I put the link here because of the discussion of the economy. If the situation where Cowley Groves are saying that it is buyers' market continues; if there is increasing interest in selling, linked to falling sales; if estate agents continue to say that they are doing "far more work during the year for fewer sales"; then IMO it is indicating a flashing amber light in the property market. In turn this is probably a sign that the economic problems in surrounding countries are having an impact here on people's attitudes and wealth. This would be understandable given the economic double talk from government. On the one hand the 'words' - all is fine economically. On the other hand the 'actions' - cut backs, redundancies, retailing problems etc. Undoubtedly we are in a better position than the UK and Ireland but no room for complacency and self-congratulations. Link to comment Share on other sites More sharing options...
hboy Posted August 28, 2009 Share Posted August 28, 2009 This would be understandable given the economic double talk from government. On the one hand the 'words' - all is fine economically. On the other hand the 'actions' - cut backs, redundancies, retailing problems etc. Undoubtedly we are in a better position than the UK and Ireland but no room for complacency and self-congratulations. The thing about double speak though is that only a few people now believe it. I have now had several good friends here made redundant, and many people I do business with off Island gone bust or enter agreements with their creditors. We can push as much shite as we like out into the papers but the truth is that anyone looking to upscale their house in this environment is clearly barking mad. There is no upward market and anyone who is a first time buyer needs there head testing too despite the perception of their being 'bargains' here (ie, slightly less rip off prices than we have been used to). As usual though there will be a steady flow of UK evacuees who have decided to upsticks and move here for a variety of reasons (tax or gone bust and need to piss off somewhere else) who will keep house prices in certain brackets buoyant. The local property market has been a game of liars poker for years and I certainly would not believe any agent who told me that things were now good value and its time to move. Look at Ireland - prices have come off 50% in many areas with no buyers really moving back in yet. Its not really that different here economically its just that the IoM is where the wealth from other bubbles has been syphoned off to so there's not a huge amount of debt at the top end. Link to comment Share on other sites More sharing options...
manshimajin Posted August 28, 2009 Share Posted August 28, 2009 Its not really that different here economically its just that the IoM is where the wealth from other bubbles has been syphoned off to so there's not a huge amount of debt at the top end. Perish the thought but could assets be being parked here ahead of declarations of bankruptcy elsewhere? Certainly there is a feeling in Ireland that a number of developers have converted assets from cash into 'kind' and moved them offshore. Link to comment Share on other sites More sharing options...
Slim Posted August 29, 2009 Share Posted August 29, 2009 Look at Ireland - prices have come off 50% in many areas with no buyers really moving back in yet. Its not really that different here economically its just that the IoM is where the wealth from other bubbles has been syphoned off to so there's not a huge amount of debt at the top end. Ireland unemployment 12%, IOM unemployment 2%. Can we get things in perspective? Link to comment Share on other sites More sharing options...
manshimajin Posted August 29, 2009 Share Posted August 29, 2009 Ireland unemployment 12%, IOM unemployment 2%. Can we get things in perspective? Absolutely. Much better here except for the food, impatient motorists and the rate of inflation. Politicians are of equally poor quality either side of the water. Interestingly Irish exports are doing better now than most EU countries - probably because of the high level of pharmaceutical exports. But overall still in deep trouble with the fallout from the 'building boom'. Link to comment Share on other sites More sharing options...
Slim Posted September 2, 2009 Share Posted September 2, 2009 http://www.realestateweb.co.za/realestatew...0&sn=Detail "Most offshore tax jurisdictions within easy reach of Britain have bucked the European property market slump as high net worth individuals get set to leave ahead of harsh UK tax rises, a survey by international offshore tax firm The Sovereign Group has found. Property values in Monte Carlo and Gibraltar, two attractive destinations for European "ex-pat" money are "holding firm or increasing while prices around them on the Cote d'Azur and the Costa del Sol have plunged by up to 50%", it said, on www.mondaq.com. Other jurisdictions showing positive property price trends include Jersey, Guernsey, the Isle of Man and Geneva." Link to comment Share on other sites More sharing options...
Slim Posted September 9, 2009 Share Posted September 9, 2009 It's official, The recession is over! Link to comment Share on other sites More sharing options...
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