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House prices dip

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7 minutes ago, The Dog's Dangly Bits said:

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.

Yep, i understand that. What i don't understand is where these new tennants / owners are coming from. For every new build occupied property, there must be an empty property somewhere on the island that some-one own's.  There is an awful lot of new builds !!

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5 minutes ago, Non-Believer said:

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

They sold a block of 4 apartments there to the LA.  But those were built for that purpose I think because they never went on general sale.

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6 minutes ago, winnie said:

Yep, i understand that. What i don't understand is where these new tennants / owners are coming from. For every new build occupied property, there must be an empty property somewhere on the island that some-one own's.  There is an awful lot of new builds !!

Are there really THAT many new builds being sold?

There are empty properties around for sure.  

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3 minutes ago, The Dog's Dangly Bits said:

They sold a block of 4 apartments there to the LA.  But those were built for that purpose I think because they never went on general sale.

The semis that have been bought by RTC haven't been built yet or are in the early stages at best.

Haven offered a number of their unsolds from their Shipyard Rd development to RTC at a considerable reduction over the original asking price. RTC took the offer up and this caused some upset as they were 2 or 3 beds that could have been construed as first time/affordable housing and questions were asked (rightly IMHO) as to why they couldn't have been sold to private buyers at that lower price.

Haven then went on to offer further unsolds from their Clifton Park development but these were declined by RTC at the time.

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I didn't understand the 6 2 bedders they sold at Shipyard Road.   They sold them for about 150k each to RTC.  Which they would have easily achieved in the open market rather than ask 185k.

I personally don't agree with the LA being able to buy houses in private developments unless it is a condition of planning.  That way people know the set up from the start.

The general "affordable housing" thing is a joke anyway.  

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Posted (edited)

IIRC the RTC tenants for this housing have to be "selected". Whatever that means. Hopefully not those with a previous record of inflicting damage on LA property and objectionable behaviour.

Edited by Non-Believer
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3 hours ago, Grounds Keeper Willy said:

Perhaps because we don’t have any cultural connections to NI? He’s right most people compare to the north of the UK as that’s where most people’s connections are. 

I did include the Celtic Countries in my comment, but the connection to the North West is as strong and stronger in many families. 

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5 hours 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. 

It's what appeals to you as an individual. I've lived in cities. I've lived in the country. I sometimes live abroad. I've lived here. If I had to live here full time or London full time, it would be here. London long term is a nightmare in my opinion. If that makes me a weirdo I wear it with pride. It wouldn't do for us all to be the same.

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4 hours ago, The Dog's Dangly Bits said:

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.

Plenty of London properties owned by IOM companies.

Dandara certainly have no problem holding on to properties. Turning a piece of empty land and a pile of bricks into a property estate is very good for a balance sheet.

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15 hours ago, thesultanofsheight said:

Yes it is. I think it’s fine if prices are going down it makes it easier for people to move here. The biggest blocker to relocation is house prices here compared to the north of the UK. I know so many people who have come over but decided not to relocate as they couldn’t reconcile prices here with being normal and wouldn’t take a big mortgage on just to live here. 

Me too. Coupled with the fact that the employment market is limited so a person can come over here for a specific job and if that folds it can turn out to be an expensive mistake.

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3 minutes ago, woolley said:

Plenty of London properties owned by IOM companies.

 

True , my company owned one or two a year or two back but what do I know ?

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4 hours ago, Grounds Keeper Willy said:
5 hours ago, winnie said:

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

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

Not just London (or even mainly London I think).  A lot of BTL money comes from outside the UK and a lot of that within the UK from retirees looking to invest.  But you're right that new build is very attractive to this sector because they buy it as a package via managing agents who will do everything for them.  Even if they don't make much from the ownership, they are still probably getting more than from other sources of investment and it is seen as a 'safe' way to invest and place to put your money[1].  

Of course the Manx Government is propping up this market by trying to attract new people over to the Island (who are most likely to settle into rented property - at least at first) to the point of subsidising them and giving large relocation packages to those who come over to take public service jobs.  But even if tenants can't be found for these properties, they can still be used for tax residence or seen as a safe place to put your money, increasing in value even if empty.   This explains the demand for new build even when there is a very high level of empty properties.

The Island isn't the only place to experience this - London itself is probably the main target, with Boris-approved tower blocks shooting up all over the capital full of tiny flats sold off-plan to Far East investors.  The rest of the South East has some similar development due to lack of space in London itself (weren't Dandara once flogging flats in Luton?).  Of course other countries have experienced similar booms that have ended up swathes of half-built estates decaying around the countryside (Spain, Ireland), but that doesn't seem to worry some people.

 

[1]  For many investors there may also be an attraction in somewhere to stash ill-gotten (or at least gotten in a way you don't want your home government to know) gains.

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49 minutes ago, woolley said:

It's what appeals to you as an individual. I've lived in cities. I've lived in the country. I sometimes live abroad. I've lived here. If I had to live here full time or London full time, it would be here. London long term is a nightmare in my opinion. If that makes me a weirdo I wear it with pride. It wouldn't do for us all to be the same.

 

I can't imagine why anyone would move here now. Unless there's some sort of emotional or historical connection. 

Surely, Cornwall, most of Scotland, North Yorkshire, Norfolk offer everything here has and more. 

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7 minutes ago, Declan said:

I can't imagine why anyone would move here now. Unless there's some sort of emotional or historical connection. 

Surely, Cornwall, most of Scotland, North Yorkshire, Norfolk offer everything here has and more. 

Well - yes but maybe not quite the same scenery.

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Depends where they move from.  Not everyone is moving from the cheapest parts of the country?

Plenty of areas in the UK where housing is dearer that here.  

Using your example - a specialist on 100k a year could just pick up and go back to take up a job in those areas you mentioned.  It's 60 miles away.   People have.  People come. People go.  

 

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