sirdick Posted October 12, 2005 Share Posted October 12, 2005 bossisity I hope that is a real word. I think I understand a little more now, please exuse my ignorance. Stav pointed out there aren't that many unemployed over here (at least I think that was his point), but when it comes to other things you mentioned like buses then it probably is a good idea to do things like tax the richer... however I might disagree if I was earning stupid amounts of money. At the same time measures should be taken to ensure that rather than just giving the unemployed money, they are also given ample opportunities to seek employment, and for that there does seem to be a fair amount of help. Link to comment Share on other sites More sharing options...
crumlin Posted October 12, 2005 Share Posted October 12, 2005 I met a couple today that were being relocated back to the UK by their employer, they had been on the Island for about three years and thought that they would be there for good. Just over twelve months ago they bought a modest house on the outskirts of Douglas and spent a few quid on it. When they were told that they would be going back to the UK they put the house up for sale and also went down the road of trying to rent it out to cover their payments, in both they have had no luck and have been told that they may need to drop the price of the house if they have to sell it, the proposed price recomended was lower than what the paid. Are we starting to see a slow down on the Island regarding property, if this is the case and the Government decide to build more homes it could put some in the danger of negative equity. Another thing that Ive been told is that the Island now has more empty appartments than Hotel bedrooms and I have not seen many tourist about. Link to comment Share on other sites More sharing options...
manxmedia Posted October 12, 2005 Share Posted October 12, 2005 OECD welcomes tax information exchange agreement between Isle of Man and the Netherlands!! Full story http://www.oecd.org/document/3/0,2340,fr_2...1_37427,00.html Link to comment Share on other sites More sharing options...
sirdick Posted October 12, 2005 Share Posted October 12, 2005 I have not seen many tourist about. Well it is the end of the season. We're still mostly full though. And what does a tourist look like in particular? I think (hope) house prices are starting to fall and will continue to, I just don't want to see everyone over here become really poor again Link to comment Share on other sites More sharing options...
crumlin Posted October 12, 2005 Share Posted October 12, 2005 I have not seen many tourist about. Well it is the end of the season. We're still mostly full though. And what does a tourist look like in particular? Link to comment Share on other sites More sharing options...
sirdick Posted October 12, 2005 Share Posted October 12, 2005 I see. Link to comment Share on other sites More sharing options...
staaue Posted October 13, 2005 Share Posted October 13, 2005 I'm surprised we haven't seen a depression in the housing market until now, the govt has done a fine job of stringing it out; but I believe things are most definitely on the turn.. Hurray.. it will soon become a buyers market. Link to comment Share on other sites More sharing options...
simon Posted October 13, 2005 Share Posted October 13, 2005 I'm surprised we haven't seen a depression in the housing market until now, the govt has done a fine job of stringing it out; but I believe things are most definitely on the turn.. Hurray.. it will soon become a buyers market. Unless -> well isn't it possible that the proposed expansion of the Government house purchase assistance scheme could end up artificially supporting 'open market' prices, which would otherwise fall, in a stagnated market? Link to comment Share on other sites More sharing options...
FCMR Posted October 13, 2005 Share Posted October 13, 2005 Manx Radio were talking to members of the Public in Douglas yesterday about house buying, and the replies did not sound very possitive. A couple of people said that they would not buy a house here as the market was to high and that if there was a move in the finance industry many would be left with a property they cant sell. And in this weeks Manx Business paper one of the estate agents says that they have never had so many houses for sale, if this is true why build more. Liverpool have had a boom in house and appartment building over the past couple of years and developers have been stuck with un sold properties forcing them to sell a lower prices than what previous buyers have paid on the same development. Thats the last thing we want here but sadly it may happen as the developers here have no interest in publics needs only profit. Example. Down in Kirk Michael a well know developer sold the show house for much less than the identicle house next door because it had been on the market to long. What the Government should do is sell off land and not to developers, allow those that want to move up the property ladder to build their own new homes which would free up the starter homes. As we see it now all these new estates look the same, small houses in small gardens on narrow roads. Take a look at some of the older Corpy houses they are much bigger than the new houses that are being built now. The problem with not having enough starter homes is the fact that those that want to move want to move to a home with more space and they cant find them. Provide plots for those that can and want to move to build their dream homes but at the same time put some sort or restrictions in place to stop speculation. Link to comment Share on other sites More sharing options...
simon Posted October 13, 2005 Share Posted October 13, 2005 Liverpool have had a boom in house and appartment building over the past couple of years and developers have been stuck with un sold properties forcing them to sell a lower prices than what previous buyers have paid on the same development. Thats the last thing we want here but sadly it may happen as the developers here have no interest in publics needs only profit. Why is that the last thing we want ? If prices fall to more affordable levels then govt doesn't need to spend tax money artficially supporting the market. Link to comment Share on other sites More sharing options...
FCMR Posted October 13, 2005 Share Posted October 13, 2005 The Government should only build houses for those on low incomes who can not afford to buy. The Government should sell off some of its land in plots. If Government create a Negative Equity Market who pays the bill when it all goes tits up Link to comment Share on other sites More sharing options...
VinnieK Posted October 13, 2005 Share Posted October 13, 2005 Big scary old negative equity is not simply a matter houses being less valuable when you sell them than when you bought them. Negative equity is when the outstanding amount on the mortgage left to repay is higher than the value of the house on the open market at that time. Even then it's not usually a catastrophic position to find yourself in, but a fairly natural part of the cycle of housing prices. Put it this way, you don't run around screaming that the apocalypse is nigh if you invest in stock that then happens to depreciate in value. You simply hang on to your investment until prices begin to rise again (unless you've invested in high risk stock). Similar is true of a home. All that negative equity means is that at the end of the day you might have paid more for your house than it's worth should you choose to sell it, or that you have to live in that home for a little bit longer than expected in order to recoup your money (assuming you even want to move house at some point). Negative equity is only a wide scale problem during severe recessions when inflation is significantly higher than the rise of wages and unemployment is rising, i.e. when a large number of people find they can no longer afford to pay the bills and are forced by this or otherwise to sell their homes, only to then find they still have mortgage debt to pay off. Link to comment Share on other sites More sharing options...
FCMR Posted October 13, 2005 Share Posted October 13, 2005 I along with others can still remember the late 70s just after the last boom, and those that lost their jobs and homes. It was happy days for the speculators then, they jumped in and bought loads at the auctions for next to nothing. We dont want to see those days again. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 13, 2005 Share Posted October 13, 2005 Maybe if there is a slow down then we might be able to get local tradesmen to even turn up to when they say they will to give a quote, which in turn wouldnt then cost the earth. Link to comment Share on other sites More sharing options...
Alex Posted October 13, 2005 Share Posted October 13, 2005 Housing isn't all about what profit you can make anyway, you're supposed to buy a house to live in. If you sell too quickly and the market has dipped, tough titty. If you've bought as an investment, then you take the same risks as anyone else investing in anything. Many people seem to waiting to see what's happening with the finance sector and the TT races, as the loss of either could cause the market to crash or fall. That's the impression I'm getting from a lot of new comeovers and young locals anyway, they're prepared to rent at ridiculous prices while they wait to see. Link to comment Share on other sites More sharing options...
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