Doctor Gloom Posted July 31, 2007 Share Posted July 31, 2007 On the sunny (or not so sunny) Isle of Wight there is a population of about 120,000 people. The average wage here is about £17k a year and releys on tourism, hence the lower average wage. Rather concerned about the housing shortage which is reported in the media, I checked on Rightmove. On this site alone there are are currently 3082 properties for sale. The market here does not seem to me moving at all. Is this a case of Buy one get one free shortly. The question has to be asked, what are these homes worth, if no-one is prepared to buy them. Is this position reflected elsewhere in the country. Quote Link to comment Share on other sites More sharing options...
Red Baron Posted July 31, 2007 Share Posted July 31, 2007 In the last crash house prices on the Isle of Wight dropped like a lift without cables. In boom times people who are unable to afford mainland prices will buy on the Island and accept the commute across the Solent to their jobs. In times of bust people can once again afford to buy on the mainland and they desert the Island; it really is that simple. The fact that nothing is currently moving on the Island is a portent for things to come. Quote Link to comment Share on other sites More sharing options...
notthereyet Posted July 31, 2007 Share Posted July 31, 2007 On the sunny (or not so sunny) Isle of Wight there is a population of about 120,000 people. The average wage here is about £17k a year and releys on tourism, hence the lower average wage. Rather concerned about the housing shortage which is reported in the media, I checked on Rightmove. On this site alone there are are currently 3082 properties for sale. The market here does not seem to me moving at all. Is this a case of Buy one get one free shortly. The question has to be asked, what are these homes worth, if no-one is prepared to buy them. Is this position reflected elsewhere in the country. Same as you say in my neck of the woods, Yorkshire, plenty of houses and flats for sale, but not many are selling at the moment. The ones which are still selling are ones which are realistically priced compared with other property for sale in a particular area. It looks to me that there are still buyers out there but they are picking through the property more carefully before buying. Eg a semi in a area were similar properties are up for sale for between 140k to 150k was put on sale by a builder for 117.5k it went in a few days.There are still several properties at the higher rate in that area.The builder had taken the property in part exchange for a new property. Quote Link to comment Share on other sites More sharing options...
Samuel Whiskers Posted July 31, 2007 Share Posted July 31, 2007 The EDP (Eastern Daily Press) property section last week was huge. Mostly Norfolk and Suffolk. A real glut of unattractive properties is building up. For pretty, but overpriced, properties there is always someone moving in from outside who does not know the market and ends up paying over the odds - but there are thousands of overpriced 50's/ 60's/ 70's bungalows which no-one is interested in. Quote Link to comment Share on other sites More sharing options...
scott666 Posted July 31, 2007 Share Posted July 31, 2007 ......part of the problem being that because things aren't shifting the trickle down effect stops and you can't offer more for your next house than the last buyer paid. This is a big part of what keeps things ticking over when prices are rising, without it people won't sell because they can't brag to their neighbours/friends about the easy money they made. Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted July 31, 2007 Share Posted July 31, 2007 This picture sounds very familiar. When I bought my house on the Isle of Wight in 1994 I had the choice of six properties up for sale in a road of eight . When viewing one property (which I purchased) I was approached by occupants of three other houses to see if I was interested in buying theirs instead. A buyers market or what. The house I bought had dropped in price by 50% from its 1990 high and I could have bought any of the others on a similiar basis. Watch this space because its all about to happen again. Quote Link to comment Share on other sites More sharing options...
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