Jump to content
Manx Forums, Live Chat, Blogs & Classifieds for the Isle of Man
joebean

House prices dip

Recommended Posts

https://www.gov.im/about-the-government/government/open-data/economy/land-transactions/

 

Download the land transaction sheet, and do some filtering. It is very telling as to the state of the market. Above £500k it is very slow in particular, and there is no pattern to what is, or isn’t selling. I know of at least two very quick sales in the £ 1-1.5m range. 

Share this post


Link to post
Share on other sites
8 hours ago, Grounds Keeper Willy said:

Well clearly data published by the papers is showing that they are. 

Yes but as with most things you need some context.   The problem with house price data is it published as averages.

What would be far more reflective is if it was published on volumes and those volumes split down into house types.

Given the number by volume of sales in the island the average can be quite easily skewed one way or the other by a big sale.  Or sales of bigger ticket properties.   The truth is the market is perfectly brisk up to probably 400k and has been for a couple of years.

The stuff lingering is usually in need of renovation or modernisation with the seller asking too near top price.

Dandara and Hartford are having very little trouble getting their properties sold off and the prices of those are at worst no more than about 10% away from the peak.

Share this post


Link to post
Share on other sites
8 hours ago, Grounds Keeper Willy said:

Well I don’t doubt the data if it’s from an official source. There’s some very big discounting going on at the higher end of the market. The reality is that the market is only moving in the range average people can mortgage themselves to. Outside of that property is languishing on the market for ages and being massively discounted. You’d be crackers to buy now as an average person. If people who can well afford expensive houses aren’t buying them why the heck should anyone else be mortgaging themselves to the hilt to buy in the lower and mid range? 

Well because buying a house is a generation length commitment really.  The reality is that if I'm a first time buyer looking for a 2 bedroom house the prices are not dropping and if I'd say there waiting for the last 2 or 3 years I will have seen very little material change in asking price.

 

Share this post


Link to post
Share on other sites

I find it strange that Manx house prices are always compared to 'the North' of England. We moved from the South East, and Manx house prices are 'cheap' in comparison. Lot's of people moving over due to getting banking / IT  type jobs we're previously living in / around London where house prices are at least double the price of IOM.

What amazes me is the amount of 'new builds' over here. If the population isn't increasing, who are buying the new houses? 

Share this post


Link to post
Share on other sites
5 minutes ago, winnie said:

I find it strange that Manx house prices are always compared to 'the North' of England. We moved from the South East, and Manx house prices are 'cheap' in comparison. Lot's of people moving over due to getting banking / IT  type jobs we're previously living in / around London where house prices are at least double the price of IOM.

 

Because our cultural connections are to the North West of England, and the Celtic Countries. Not London. 

Just because a few weirdos are moving here from London (and you would have to be a weirdo to move here from London) doesn't change the fact that if the majority of locals had to move they move to the North West where they are more likely to be familiar and have family - friendship links. Also the way of life would be more similar outside the big cities. They want to know how the price of their homes here compares to what they would get if they made that move not what would happen if they grew a topknot and moved to Hackney. 

  • Like 2

Share this post


Link to post
Share on other sites
10 hours ago, thesultanofsheight said:

It’s good that they’re dropping. Artificially ridiculous house prices are the biggest reason why people are put off moving here.  

I doubt that.

Share this post


Link to post
Share on other sites
11 minutes ago, Rog said:

I doubt that.

Agreed.

Share this post


Link to post
Share on other sites
Posted (edited)

Hopefully the housing market is moving, about to finish renovating a house which is due to go on the market soon, want it to sell quick so the guy can keep paying me well when I start the next one :)

Edited by TheTeapot
  • Like 1

Share this post


Link to post
Share on other sites

Its nice enough. I wasn't in at the start though and there are a couple of things I'd have done differently but hey ho. 3 bedroom old house in Laxey, no box rooms, off road parking for two cars, small but OK garden space. Good views. I could see someone wanting it, hope the guy prices it right.

Share this post


Link to post
Share on other sites
33 minutes ago, Declan said:

Because our cultural connections are to the North West of England, and the Celtic Countries. Not London. 

Just because a few weirdos are moving here from London (and you would have to be a weirdo to move here from London) doesn't change the fact that if the majority of locals had to move they move to the North West where they are more likely to be familiar and have family - friendship links. Also the way of life would be more similar outside the big cities. They want to know how the price of their homes here compares to what they would get if they made that move not what would happen if they grew a topknot and moved to Hackney. 

What are you on about !!!! What cultural connections?  Why don't you compare house prices with NI then??

Have a look at a map and see where Liverpool, Manchester, Leeds, Sheffield, Hull and Newcastle are - they aren't in the South. Only one big city in the south. I think that rural life in the south is is much closer to IOM than northern rural life.

 

Share this post


Link to post
Share on other sites
33 minutes ago, Grounds Keeper Willy said:

People from London who foolishly think there’s a strong buy to let market here. 

I doubt that.  The Isle of Man wouldn't be on a London based persons radar.

The new builds are selling for two reasons.  Firstly people are moving family home out of old town based dwellings and secondly there are people on island with money buying investment properties to let out.  And buying brand new is probably easier for them.  Those buyers are also scooping up a lot of the two bed houses that are relatively modern (farmhill, governors hill etc).

Plus Dandara and Hartford have no problem holding on to properties that dont sell and rent them out themselves.

Share this post


Link to post
Share on other sites

I'd be interested to know how much money dandara make each year in countryside care payments on all their land. Bet its quite a lot. Probably building half that Ballasalla estate on those payments alone.

Share this post


Link to post
Share on other sites

Dandara and Haven have recently been offering their unsolds to the relevant local authorities for social housing.

  • Like 1

Share this post


Link to post
Share on other sites
Just now, The Dog's Dangly Bits said:

Dandara?

Yup. Auldyn Meadow development in Ramsey. Two or three of the new semi houses out there.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...