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DeadLegs

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  1. There is an additional source of house buyers that I have not yet mentioned.. retirees from (mainly) the U.K. who see the Isle of Man as some sort of paradise island with no inheritance tax, low direct taxes, excellent services, the rule of law, and an NHS that integrates with the NHS they are familiar with. However, as with most of my doom laden posts...I feel this paradise has a definite shelf life.. the IOM Government's reserves may be spent by 2015, and so far the government has been cutting the services it provides rather than cutting the back office of government.. so the local populatio
  2. In my opinion, some houses on the market are owned by people who don't need the money, so they are prepared to wait (the stock market is a bit volatile and interest rates for depositors are low, and its not their only home). Other houses were purchased with a mortgage, and while repayments are not too high, they can afford to keep up the repayments rather than take a loss on the sale. On a similar vein, if they purchased near or at the top of the market, unless they are being forced to sell quickly, they probably feel entitled to the same money back. In many respects the Isle of Man has been a
  3. I'm hearing that house sellers who are getting fed up with no viewings are withdrawing their properties from sale so that they can either place them back on the market later as a "fresh" offering or so they can put them to the lettings market instead. The Isle of Man Government hasn't even started to address its spending in any meaningful way.. I don't think the market is likely to recover for many decades after if eventually reacts to reality..
  4. http://www.bbc.co.uk/news/world-europe-isle-of-man-14715863 However word from a relevant internet gossip site is that estate agents are RAISING their valuations on properties that are not selling! I suspect there are still enough estate agents who have a rather unconventional view of the way prices move in a depressed, stagnant and over supplied market.
  5. ..don't see why this might be better than just accepting a lower offer... as I presume accepting a lower offer means less estate agent fees, lower borrowing, smaller conveyancing fees, lower stamp duty.. and one less round of money changing hands.
  6. I feel for you G. What the people of the IOM really need are more affordable homes for rent, since that would allow proper mobility onto and off the island when needs require it. Corpy homes for families that need corpy homes, not for families where every adult is in a well paid job, has a nice car, goes on lovely holidays each year, buys all the current gadgets, has a sky subscription, and even owns a couple of other properties for let. But those people have votes and are grateful to the politicians who make things so!
  7. ..A little update.. I was listening to some Estate Agents trying to explain why they were making such half hearted attempts to steer the sellers towards more realistic asking prices. It boils down to every now and again, a property that has sat unsold for four years or more goes at full asking price because some rich bugger from Africa has turned up and bought it in a hurry. So the "exceptions" are keeping them from adapting their marketing strategy to the current reality of stagnation, looming interest rates and tax hikes, or anticipated job losses. Pity the sellers who are accepting this idi
  8. Barrie is great entertainment, if only for annoying the forum tools so much when he posts something they don't agree with. Such people ought to attempt to take themselves less seriously and try going outside their bedrooms and interacting with something other than the internet.
  9. It reminds me a bit of one of those pronouncements from the former Minister Muhammed Saeed al-Sahaf[/url]! I suppose it is conceivable that HH sales are up one % on last year. If they sold one enormously expensive house for instance, it could make up for all the stagnancy in the books. The volume of sales is so low these unusually large sales can have quite a big effect on statistics of this quality and allow the likes of Muhammed Saeed to gleefully make press releases of that sort! As to who would buy an enormously expensive house on the Isle of Man when it looks like its approaching such a
  10. Sorry, just in case there are any pedants reading.. I believe it was a working group that reports to some important body of the EU called ECOFIN that made that determination according to their published criteria of what is and what isn't acceptable. And I'm an outsider speculating, I have no inside or privileged knowledge. All Errors and Omissions, IMHO.. etc. I will add that I've personally noted properties given aspirational values of £350k being sold subject to contract for close to £100k less... but still not completing for months and months and months!!
  11. Its really coming to something when an Isle of Man estate agent doesn't put out the usual marketing b******s intended to make everyone believe its a sellers market!! Lets summarise a future for the Isle of Man.. 1. The EU has determined that a central plank of the IOM's economic strategy of tax competition does not comply with their rules of what is and what isn't acceptable, and the UK Government is agreeing and effectively saying "sort it out, don't expect us to defend you on this!". This is because most businesses pay corporation tax at 0% so long as at least 55% of profits are distribute
  12. He he.. I've seen a property on the Isle of Man sitting unsold for over a year, but its asking price has GONE UP TWICE!!!! There seems to be some hope that rich tax migrants fleeing the UK will keep the property market inflating. But if you are fleeing the UK for tax reasons, how easy will the UK tax man give up on you???? The IOM Government is carrying on spending as if its not got a worry about treasury coffers.. thats despite the UK deciding to subsidise it less by about £100 million I think. Thats got to be about 20% of total IOM Treasury spending! Who's going to make up the shortfall? (
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