Lonan3 Posted May 21, 2005 Share Posted May 21, 2005 Just to put the housing market on the IoM into perspective: The number of towns where key public-sector workers cannot afford to buy a property has nearly doubled during the past three years, research has shown. Nurses now find themselves priced out of the market in 93% of towns in Britain, while firefighters would be unable to get on to the property ladder in 90%, according to Britain's biggest mortgage lender, the Halifax. The number of locations where teachers can't afford to buy a home has nearly doubled from 34% to 77% since 2001, while houses in 71% of towns are now beyond the reach of police officers. The group found that the problem of affordability is now no longer confined to London and the South East, with the number of towns in the North where property is too expensive for nurses rising from 13% in 2001 to 79% in 2004, while firefighters are priced out of the market in 85% of towns in the region. Things are only slightly better in Scotland, with nurses unable to get on the property ladder in 62% of towns at the end of last year, compared with just 5% three years ago. Gerrards Cross in Buckinghamshire is the most unaffordable town in Britain for all four groups of key workers, with the price of the average house there now 26 times higher than the average nurse's salary. Weybridge is the second most unaffordable place, with property selling for an average of 20.4 times a nurse's salary, followed by Richmond, where nurses would have to borrow 19.1 times their pay to get on to the property ladder. There are now only two towns in Britain where nurses could buy a home with a traditional mortgage of three times their salary - Lochgelly and Cowdenbeath, both in Scotland. They could afford property in another five locations if they borrowed three-and-a-half times their pay. The affordability crisis is worse for nurses, with the average property across Britain now costing 6.6 times their salary (up from 4.4 times in 2001), followed by firefighters at 6.5 (up from 4.3). Teachers would now have to borrow an average of 5.4 times their salary to get on the property ladder, while police officers would need to borrow 5.1 times their pay. Link to comment Share on other sites More sharing options...
Barby Posted May 22, 2005 Share Posted May 22, 2005 That was informative. On the news today a shared equity scheme is the latest thinking from the UK This could be an interesting option towards home ownership. Part of the article is quoted below Brown unveils cheap mortgage plan Struggling first-time home buyers could gain cheap mortgages funded by public money under plans revealed by Chancellor Gordon Brown. Couples would have to raise as little as half the cost of homes sold on the open market, he told the Observer. The remaining equity in the house would be shared by the government and the bank or building society. Mr Brown said the scheme would help hundreds of thousands of people get on the property ladder. "It means that people who couldn't afford the full price of a home can afford the partial price, and they can gradually ramp up their stake - it's putting home ownership within the reach of thousands of people who would not be able to do so," Mr Brown told the newspaper. Link to comment Share on other sites More sharing options...
fatshaft Posted May 22, 2005 Share Posted May 22, 2005 We all know the property market is sunk and it will stay that way for atleast another 5 to 10 years, it is complete madness why anyone would buy a house now. Because you need one. I don't know anyone who has purchased a house in the last 2 years, you need to be earning £45.000 to £50.000 a year to be able to get a house, anyone on that a year i would say 60% of the isle of man aint. <{POST_SNAPBACK}> Rot, just take a visit to the general registry, houses are selling, it's just slower at the moment. People still need houses. <{POST_SNAPBACK}> the point is valid nonetheless. I also read that the IoM housing market may well be on course for total collapse with the prospect of the finance sector pulling out over the next 10 years. Any truth in that rumour? Link to comment Share on other sites More sharing options...
Slim Posted May 22, 2005 Share Posted May 22, 2005 the point is valid nonetheless. I also read that the IoM housing market may well be on course for total collapse with the prospect of the finance sector pulling out over the next 10 years. Any truth in that rumour? <{POST_SNAPBACK}> How would anyone know? If you could predict a market with 100% accuracy, you'd be a very rich man. Link to comment Share on other sites More sharing options...
fatshaft Posted May 22, 2005 Share Posted May 22, 2005 the point is valid nonetheless. I also read that the IoM housing market may well be on course for total collapse with the prospect of the finance sector pulling out over the next 10 years. Any truth in that rumour? <{POST_SNAPBACK}> How would anyone know? If you could predict a market with 100% accuracy, you'd be a very rich man. <{POST_SNAPBACK}> ah but, is the finance sector withdrawing? That would lead to a pretty easy to predict crash, finance sector pulling out would remove a vast swathe of jobs in the island. Link to comment Share on other sites More sharing options...
TheTool Posted May 22, 2005 Share Posted May 22, 2005 I am sure once gordon brown gets in no10 the isle of man will be in for a rough ride he hates tax havens. All i said before about the manx property market was it is slowing more and more. I know for a fact that it is because there is companies laying of workers who depend on house sales for 75% of there work. You can say its a slowing down and things are just a bit quiet, but you have to admit that people cannot afford to buy a property because there wages don't qualify them a morgage. Yes people need to buy property i would love to buy a house myself but i cannot afford to buy so i am renting. Now Heritage homes have to build houses to keep there workforce in work, that is why they are tendering for government work aswell. i bet i know who might get the new prison when decide on who wins the tender Link to comment Share on other sites More sharing options...
mojomonkey Posted May 22, 2005 Share Posted May 22, 2005 Now Heritage homes have to build houses to keep there workforce in work, that is why they are tendering for government work aswell. i bet i know who might get the new prison when decide on who wins the tender <{POST_SNAPBACK}> I'd take you up on that bet, but as the winner has already been announced - http://www.gov.im/lib/news/dha/newprison.xml - it would be a bit unfair. Link to comment Share on other sites More sharing options...
sarahc Posted May 22, 2005 Share Posted May 22, 2005 I don't know anyone who has purchased a house in the last 2 years, you need to be earning £45.000 to £50.000 a year to be able to get a house, anyone on that a year i would say 60% of the isle of man aint. <{POST_SNAPBACK}> You do now! I bought one last year, don't earn anywhere near what you think we need to. And it wasn't on the first time buyer scheme. (Barby, that's essentially a shared equity like they're proposing in the UK) Link to comment Share on other sites More sharing options...
Slim Posted May 22, 2005 Share Posted May 22, 2005 ah but, is the finance sector withdrawing? That would lead to a pretty easy to predict crash, finance sector pulling out would remove a vast swathe of jobs in the island. <{POST_SNAPBACK}> The finance sector is just that, a sector. It's not a single entity. It's not one thing that just makes its mind up to leave one day and off it's gone. It's a load of companies, all serving different markets. There's been a shrink in some Life companies, but some have expanded. We've got zero rating of all companies coming up, which could mean an increase in the size of the financial sector. We've also got threats such as the European Savings Directive which could cause problems for offshore companies. Nobody knows for sure, though, there's no way to. Link to comment Share on other sites More sharing options...
Slim Posted May 22, 2005 Share Posted May 22, 2005 I am sure once gordon brown gets in no10 the isle of man will be in for a rough ride he hates tax havens. What exactly could he do? All i said before about the manx property market was it is slowing more and more. Er, no, you said it was sunk and that it's going to be sunk for 5-10 years. The markets slowed, there's no denying that, it's slowed in the rest of the UK too. Saying people are stupid for buying isn't very smart though, people who need to move still need to move. Someone's in a one bedroom flat and has a baby on the way needs to move, and renting isn't a great idea at current market rates. You can say its a slowing down and things are just a bit quiet, but you have to admit that people cannot afford to buy a property because there wages don't qualify them a morgage. If that were true of the majority of the population then prices would crash. But they're not currently, they're holding. Most experts seem to be predicting a period of stagnation, which is pretty damaging in itself, but not a crash. Now Heritage homes have to build houses to keep there workforce in work, that is why they are tendering for government work aswell. They build houses to make money, not to keep a workforce employed. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted May 23, 2005 Share Posted May 23, 2005 I am sure once gordon brown gets in no10 the isle of man will be in for a rough ride he hates tax havens. What exactly could he do? <{POST_SNAPBACK}> He can start with getting his own house in order...as mentioned on another thread the UK has a varirty of tax laws that differentiate between residents and non-residents that make the UK equally lucrative for "tax planning". Just because it isnt "offshore" doenst make it any less beneficial for the wealthy. Link to comment Share on other sites More sharing options...
Mortal Wombat Posted May 23, 2005 Share Posted May 23, 2005 i think banning 'buy to rent' and limiting the amount of houses owned by one person to two would really help the people that need to buy houses. people who can't afford to buy a house have to rent and actually pay more on their rent than they would on their mortgage if they owned the property. it's rediculous. Link to comment Share on other sites More sharing options...
TheTool Posted May 23, 2005 Share Posted May 23, 2005 Well the trouble is that Mr Bell was going to bring in a tax for people with more than one property but a couple of his m8's went mad and he changed his mind. What no spine alan lol Do what i am going to do, buy a property in the uk and rent it out that way you have a chance to play the game. Isle of man will soon resemble noddys village if dan the man gets his way. Link to comment Share on other sites More sharing options...
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