Iom Property

[Alanht]

Like everywhere the Isle of Man has been effected by the financial down turn. Although never actually went into recession we have seen redunancies in a few of the banks and some other companies.

Property has remained steady although some flats have decreased in value a little mainly because to many built, but generally property has increased buy about 2-3% each year over the last 2 years.

It has recently been anounced that Jensen cars will start production in the Isle of Man within the year after 30 years, hopefully they do well.

I have noticed that properties are starting to sell a little quicker and the market is definately a buyers one as only 5 years ago you were always offering more than what was listed now you would always expect at least 5%-10% off any price listed although this is my opinion. Also in the recent months met quite a few people moving over due to the more relaxed way of life that the island has offered them as they are fed up with the UK. Depending what area they are from in the UK some think house prices are very reasonable some think it is expensive. A couple from Scotland thought it was really expensive when they purchased a property, but when they told me they sold a 4 bedroom house in Ayrshire for £165,000.00 no wonder they thought it was expensive as that is price of 2 bedroom terraced house outside Douglas.

[DONTDOITMAN]

Like everywhere the Isle of Man has been effected by the financial down turn. Although never actually went into recession we have seen redunancies in a few of the banks and some other companies.

Property has remained steady although some flats have decreased in value a little mainly because to many built, but generally property has increased buy about 2-3% each year over the last 2 years.

It has recently been anounced that Jensen cars will start production in the Isle of Man within the year after 30 years, hopefully they do well.

I have noticed that properties are starting to sell a little quicker and the market is definately a buyers one as only 5 years ago you were always offering more than what was listed now you would always expect at least 5%-10% off any price listed although this is my opinion. Also in the recent months met quite a few people moving over due to the more relaxed way of life that the island has offered them as they are fed up with the UK. Depending what area they are from in the UK some think house prices are very reasonable some think it is expensive. A couple from Scotland thought it was really expensive when they purchased a property, but when they told me they sold a 4 bedroom house in Ayrshire for £165,000.00 no wonder they thought it was expensive as that is price of 2 bedroom terraced house outside Douglas.

I have recently moved to the Island and there is a huge oversupply of property for sale on the Isle of Man. 2010 sales are again down from 2009 and that was a very slow year.

Flats – in short there are too many of them and with the annual maintenance charges etc buyers are really put off buying these. Flats sellers are really struggling to sell

Houses in general are on the market at over inflated prices. Good priced property is selling the rest is just stagnant – Some property has been on the market for over 2 years with not a hope in selling. Also some property is soo overly priced I would imagine it will take them 5-10 years to sell. Why would you want someone in your house viewing every weekend? Such a waste of money. I note the very lower end of the market is selling much more than the higher end of the market. i.e houses less than <£250,000

I also notice that many properties are SSTC but when investigating they are in large incomplete chains….I expect many of these to collapse over the summer months.

Any houses that actually do sell are having to take offers of around 5-10% off asking

I firmly believe that due to oversupply and upcoming public sector redundancies that the market is only going one way and that is downward, It wont be like the UK as there wont be many distressed sellers, but property prices aren’t going anywhere fast!

Also the lack of people coming from the UK, will also slow houseprices….not many people are moving over due to work permit issues with employment and expensive housing will deter others from coming.

Let the House Price Crash begin in the Isle of Man!

Edited May 17, 2010 by DONTDOITMAN

[Guest Noodle]

Has it got a Burger King?

[@contradevian]

Has it got a Burger King?

Great if you are motor bike enthusiast. Not so hot if you are gay.

[DONTDOITMAN]

Has it got a Burger King?

Nope but it has a MacDonalds!!

Still nothing selling and more and more coming onto the market. Prices edging down slowly! ( but not quick enough for my liking!)

[DeadLegs]

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? (Offshore Finance) Businesses? They'll depart for other tax havens resulting in mass unemployment in the only significant private sector on the Isle of Man. The Ultra Rich? They'll bugger off to somewhere warmer too! The Poor? They've got no money to pay more tax (even though they accept over £200 million in benefits a year!). That leaves the middle class/middle earners. Nice to be on the Isle of man when the penny drops in a few years!!! NOT.

Read about it in www.manxforums.com and www.iomonline.co.im. Be warned.. the value of your investments can go up and down, and it looks like the IOM is past its peak already. There is a LONG way to fall.

[Phillipe]

The Tax Justice UK blog has links to a study about prospects for small island tax havens. It backs up Deadlegs predictions. The paper’s conclusions do not make for happy reading for small island tax havens. Their options for diversification are restricted by past decisions, and attempts to diversify face major structural barriers, including the high cost bases of their local economies and the lack of local skills base outside the finance sector:

Some tax haven islands, like Jersey and the IOM, are already facing unprecedented budgetary pressures. But they have limited scope for reducing their dependence on offshore financial services. Witt a disproportionate percenage of their economically active population directly employed in the OFC, and the majority of the remaining workforce employed in secondary sectors like construction, distributive trades and catering, there is virtually no alternative skills base on which new industries can draw. This path dependence has been reinforced by the extraordinary high costs of land and labour, which have crowded-out pre-existing industries. Taking measures to diversify the local economy will therefore require politically unpalatable steps to significantly reduce the domestic cost base.

[Gerinako]

According to the latest estate agent report (we have no independent body over here!)

House prices are static.

For the last 3 months been adding more onto the market than selling.

Hopefully it's the start of the dip in house prices as I can't even afford an apartment at current prices :sad:

[DB55]

Have you tried the globrix.com website... join and you get notified of all new properties only 2 estate agents not on there at the moment all the others are, get sort by freshness of property and price drop....

[ian rush]

Here's some of the places I've been following - asking prices

http://www.cowleygro...p?prop_ref=9591 dropped from £400k to £375k Laxey

http://www2.housesca...uy1&&N1000675& dropped from £390k to £375k Laxey

http://www.cowleygro...p?prop_ref=9844 £450k to £400k Laxey - now under offer

http://www.deanwood..../?propID=188477 dropped from £350k to £310k (Onchan)

There's also quite a few things come back on to the market after being under offer (presumably in a chain) and then it not completing. I'm more inclined than ever to sit tight for the next few months, much as I'd prefer not to be renting...

http://www.manxforums.com/forums/index.php?/topic/41179-house-sales/page__st__90 for the lastest off the local forums

[ian rush]

http://www.manxforums.com/forums/index.php?/topic/41179-house-sales/page__view__findpost__p__581080 for my latest take on what I consider will happen in the Feb 2011 budget....

(The topic does go off tangent quite a lot due to resident expert on everything, Barrie)

[DeadLegs]

http://www.manxforums.com/forums/index.php?/topic/41179-house-sales/page__view__findpost__p__581080 for my latest take on what I consider will happen in the Feb 2011 budget....

(The topic does go off tangent quite a lot due to resident expert on everything, Barrie)

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.