2112 Posted August 5, 2022 Share Posted August 5, 2022 1 hour ago, forestboy said: Dandara is a cancer on the island. They are hated here and especially in the Channel Islands. Whilst I do see the investment and the jobs they have brought to the island, they have priced out many people off the property ladder, and the BTL carry on at the Ballasalla Estate I would say has been distasteful. Sadly I would say that it would probably happen again at other locations, unless politicos and planning do something. 2 1 Quote Link to comment Share on other sites More sharing options...
manxman34 Posted August 5, 2022 Share Posted August 5, 2022 22 minutes ago, 2112 said: They are hated here and especially in the Channel Islands. Whilst I do see the investment and the jobs they have brought to the island, they have priced out many people off the property ladder, and the BTL carry on at the Ballasalla Estate I would say has been distasteful. Sadly I would say that it would probably happen again at other locations, unless politicos and planning do something. One of their former directors has just put a first time buyer's house on the market at St Marks - £5.4 million ono Quote Link to comment Share on other sites More sharing options...
Eris Posted August 5, 2022 Share Posted August 5, 2022 If increasing interest rates push mortgage rates up as will inevitably be the case rents will also increase which will open a real can of worms especially across the UK let alone the island. Quote Link to comment Share on other sites More sharing options...
Eris Posted August 5, 2022 Share Posted August 5, 2022 2 minutes ago, manxman34 said: One of their former directors has just put a first time buyer's house on the market at St Marks - £5.4 million ono Probably expecting cash only and will probably get it from a UK buyer. Life there is going to get very nasty. Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted August 5, 2022 Share Posted August 5, 2022 24 minutes ago, manxman34 said: One of their former directors has just put a first time buyer's house on the market at St Marks - £5.4 million ono Is it the first time buyers house with the Helipad for your R plate Bell Ranger. Quote Link to comment Share on other sites More sharing options...
finlo Posted August 5, 2022 Share Posted August 5, 2022 1 hour ago, 2112 said: They are hated here and especially in the Channel Islands. Whilst I do see the investment and the jobs they have brought to the island, they have priced out many people off the property ladder, and the BTL carry on at the Ballasalla Estate I would say has been distasteful. Sadly I would say that it would probably happen again at other locations, unless politicos and planning do something. It's happened on every estate they've ever built! 1 Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted August 5, 2022 Share Posted August 5, 2022 (edited) A prime example of what’s going on https://www.chrystals.co.im/properties-for-sale/property/11610241-apartment-4-30-hawarden-avenue-douglas https://www.chrystals.co.im/properties-for-sale/property/11610232-apartment-3-30-hawarden-avenue-douglas https://www.chrystals.co.im/properties-for-sale/property/11610131-apartment-1-28-hawarden-avenue-douglas https://www.chrystals.co.im/properties-for-sale/property/11610149-apartment-1-30-hawarden-avenue-douglas https://www.chrystals.co.im/properties-for-sale/property/11610141-apartment-2-28-hawarden-avenue-douglas So 5 apartments in one co-joined block. All stuck on an overheated market at exactly the same time. If they’re rented out (likely all owned by the same owner to be up at once) that’s maybe another 5 people looking for a new rental creating even more demand. Those key workers better be quick with their mortgage applications. Edited August 5, 2022 by Wavey Davey 1 1 Quote Link to comment Share on other sites More sharing options...
BriT Posted August 5, 2022 Share Posted August 5, 2022 Hardly surprising probably bought all 5 for £30k a go 20 years ago. Now looking at a potential capital gain of half a million quid without the hassle of having to deal with the new rules and tenants. Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted August 5, 2022 Share Posted August 5, 2022 On 8/4/2022 at 5:28 PM, Yibble said: Nope. Rising interest rates will also help end the madness. When the cost of borrowing is near zero, asset prices soar*. With houses, even more so as rising prices create a FOMO on seemingly ever-increasing property values. As interest rates go up, that will reverse. We will start to see forced sales as those who have over-extended themselves struggle to service their interest costs on an asset which has started to lose value (back to the days of negative equity). You're right of course that there are supply issues that need addressing, but deflating the bubble will play its part too. *“Interest rates basically are to the value of assets what gravity is to matter.” Warren Buffet. I don't think this will be true this time, certainly much less so than with previous interest rate rises. Property price inflation has been driven in recent years by the desire to find somewhere safe to place cash, rather than shortage of supply as such. Unless alternatives appear that are likely to provide safe and reliable sources of income, property will continue to be the favoured sort of investment. Nothing else seems likely to fit the bill. Furthermore that security is sought for cash, not speculatively using borrowed money. The measures taken such as QE as well as demographic factors mean that there are a lot of companies and older people with lots of spare cash still. Interest rate rises won't worry them. It's true that some borrowers will have over-extended, but these will tend to be people desperately trying to buy a home for themselves, rather than over-optimistic investors. These people will now lose their homes which may well be snapped up by cash buyers as BTL. What is more a lot of the cash won't even be British, for various reasons property in the UK/IOM has become to be seen as a good investment, so there is a whole world of money that will continue to fuel the current system. So rate rises will just make the current situation worse. Quote Link to comment Share on other sites More sharing options...
finlo Posted August 5, 2022 Share Posted August 5, 2022 The sooner BTL is outlawed the better. 2 Quote Link to comment Share on other sites More sharing options...
WTF Posted August 5, 2022 Share Posted August 5, 2022 33 minutes ago, finlo said: The sooner BTL is outlawed the better. so all social housing then ? Quote Link to comment Share on other sites More sharing options...
Omobono Posted August 5, 2022 Share Posted August 5, 2022 if they ban buy to let then there will certainly be a major housing crisis , its a fact of life someone has to put the money up to finance or refurbish these properties ,and there entitled to a reasonable return on their investment , cut it off and there will be many empty properties in Douglas particularly the older ones in need of repair becoming derelict and an eyesore , perhaps better rental control is required , we do have a rent and rates tribunal but we don't seem to hear much from them these days , 1 Quote Link to comment Share on other sites More sharing options...
finlo Posted August 5, 2022 Share Posted August 5, 2022 9 minutes ago, WTF said: so all social housing then ? Not necessarily but the current model is definitely broken! 1 Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 5, 2022 Share Posted August 5, 2022 BTL and social housing are two different concepts. One is to help the lower paid and the other is to provide profit for the higher paid!!! Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 5, 2022 Share Posted August 5, 2022 14 minutes ago, Omobono said: if they ban buy to let then there will certainly be a major housing crisis , its a fact of life someone has to put the money up to finance or refurbish these properties ,and there entitled to a reasonable return on their investment , It would certainly not be an overnight solution or investment. Anyone refurbishing a property will not, presuming they are professionals, be expecting a quick buck, it's a long term investment, todays rents to fund the investment of , perhaps, ten years? The problem arrises when an amateur BTL tries to fund their mortgage on a short term? Quote Link to comment Share on other sites More sharing options...
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