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Mikeblueprint

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About Mikeblueprint

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  1. Fair comment and I would have to apply for the data from the government to see if my speculation is correct or not however one would assume the IOM was not immune to the slump in the U.K.
  2. People always speculate however the current estimates put a global recession in 2020 and I am pretty sure in 2007/8 the IOM property market took a hammering.
  3. So basically I am :- — probably better waiting to see the results of brexit and keep renting. - houses are over valued so offer 30% off the asking price to try to get value. - the 2020 downturn / end of economic cycle will probably see a lot of over leveraged business end up not being able to cover their debts once asset prices are readjusted to sensible un inflated values and these houses will be sold off cheap by banks foreclosing. - patience is a virtue. - the system is rigged against the average joe more so here than on the mainland. - estate agents are probably in on it. I am in a position to buy something and have a reasonable mortgage that I can afford, but I am not in a position to end up in negative equity for a decade or be broken by mortgage repayments if brexit goes tits up and interest rates have to rise to cover inflation. Thanks guys for for your input I will sit back and play the waiting game for now.
  4. I could take on a project I don’t mind DIY and I have a few mates from the mainland who could always come over to help out the odd weekend for more skilled stuff like plastering, plumbing etc.
  5. Hi can someone help me understand something? Why does it seem like the house prices are increasing yet they are going to be building more houses and there is a declining population on the island? There are more and more houses I see being bought up yet remaining empty on top of the already vast amount of abandoned houses. Something just does not smell quite right the average house price is nearly 7 times the annual income of a person meaning they are massively over leveraged and with no deal Brexit looming in the U.K. there is a possibility of inflationary pressures that will see interest rates rise to counteract it leaving a lot of working people over here screwed! Now if the increase in prices are being driven by over seas investors it creates a massive unsustainable bubble due to the island demographics. These houses are at least 30% over valued currently and with a 98% chance of recession in 2020 and an 80% chance of a housing market crisis similarly faced by japan when they had their asset bubble due to long periods of low interest rates is it even worth me buying here or just keep renting? I don’t enough about the “special” situation here but something smells really foul about the market here and is not good for normal working people. Or am I barking mad and everything is all fine here and we can go back to burying the heads in the sand?
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