Retirement Location Talk - Iom

[wsn03]

Two separate professionals I know in England have told me they are planning to retire to the Isle of Man, citing falling property prices as a major factor.

Both are from a part of the West Midlands where property is very pricey, so the maths stack up if, as they predict, prices will continue to fall on the Island.

I've been over twice in the last 12 months, but only paid attention to the racing. My Mother says there are a lot more long-term unsold properties, and everything I read and discuss with the more informed suggests the money runs out in 7 years time, and that there is no Plan B - if this is true I'd expect prices have a lot further to go.

Anyone have any other insight, any change to the current situation likely?

Edited June 29, 2016 by wsn03

[ThePiltdownMan]

What money runs out in 7 years time?

[sonswan]

Reserves run out on current run rate between 5-10 years time. I cant recall the actual figures and can't check presently, but you can access government accounts on IOM gov website or just Google them.

Prices are falling here or in some sections of the market static at best. I would only expect that to worsen in due course. Perhaps not soon, but come 5 years time the price drops may well be more pronounced. Look at price histories on zoopla, or sort by most reduced and look at the falls in price over time, it's quite interesting.

[wsn03]

Thanks for the reply sonswon, so my understanding is more or less in tune with what's going on then I guess.

I'd love to think "yep I can move there in a few years and bag a nice cheap house", but with the reserves gone the place could be a disaster - I just don't see a plan B, and the people pretty much need those civil service jobs to be employed - with all those pensions to pay out the jobs head count will continue to fall, and the cycle will continue with an economy imploding - not a scenario I really want to be part of. Bummer. Such a beautiful place, had really high hopes for a slow revival in upmarket tourism, but I've heard all the good stuff relies on subsidies that are going to start disappearing as the money runs out.

Watch this space (you can't go wrong with bricks and mortar remember!)