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joebean

House prices dip

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Plenty of well paid upwardly mobile people are happy to relocate here and rent.  Not everyone needs to buy.

To be honest, no one should be moving somewhere for a job and simply buying straight away if financially they cannot afford to up and leave and not worry about it.

I dont think it's a huge negative factor for most people coming here.  My company had brought in a number of people.  They all rent.  Some from the UK. Some from further afield.  Plenty of time to buy if you see a long term future here.

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17 minutes ago, Grounds Keeper Willy said:

Rents are stupid too though even though apartments and buy to let’s seem to be over supplied. There’s a 4 bed house in Onchan someone is looking for £1500 a month for. You’d have to be mental unless your employer is paying for it. 

Especially as its in Onchan!

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4 hours ago, woolley said:

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.

I’ve never understood why government can’t see the issue with house prices and address it as it does put a significant number of prospective new residents and employers off. But then again they lost control of a lot of the land that could be developed years ago so they are at the mercy of the developers like anyone else which is probably why we seem to be re-zoning land like crazy at the moment. 

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24 minutes ago, Grounds Keeper Willy said:

Rents are stupid too though even though apartments and buy to let’s seem to be over supplied. There’s a 4 bed house in Onchan someone is looking for £1500 a month for. You’d have to be mental unless your employer is paying for it. 

In which case that 4 bed house in Onchan will remain vacant. 

Marker forces will prevail

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Estate agents are up to there old tricks leaving property that sold ages ago on there sites to try and create a wee frenzy that everything is selling fast. Also there are ones that have just sat for year after year at unrealistic prices and with no return for money at any banks, buy to let seems a better option or spend all your cash and get a commie house.

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They're still trying to keep the fantasy bubble inflated. Everything points to it IMHO. Including the current reliance on construction to keep things sunny side up.

Edicts from Govt but only on the good news that happens and deafening silence on any negatives (still waiting for 2019 FOM visitor figures?), and if there is no factually based good news, Govt will invent some (6 Banks Skelly for instance).

The economic reset has been well under way over here now for a good three years and it's time they smelt the coffee and took the fact on board.

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2 minutes ago, Non-Believer said:

The economic reset has been well under way over here now for a good three years and it's time they smelt the coffee and took the fact on board.

I’d say 5 minimum. 

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

Plenty of well paid upwardly mobile people are happy to relocate here and rent.  Not everyone needs to buy.

To be honest, no one should be moving somewhere for a job and simply buying straight away if financially they cannot afford to up and leave and not worry about it.

I dont think it's a huge negative factor for most people coming here.  My company had brought in a number of people.  They all rent.  Some from the UK. Some from further afield.  Plenty of time to buy if you see a long term future here.

But that's the trouble for the Government strategy (which as I pointed out before your comment seems designed to encourage such behaviour).  If you're trying to get population growth, it's not going to come from people who seeing coming here as a short term option.  Some may decide to stay and then purchase, but they're more likely to move on and that's particularly going to be true in the higher wage brackets because those people may have a property elsewhere and be very unwilling to sell that and so commit to the Island.  Moving permanently becomes more of a problem, especially in uncertain time due to Brexit, which will apply particularly to those from outside the UK. 

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There was a very ordinary semi advertised for rent at £1200.   a couple of months ago ,  ridiculous for a three bedroomed house no wonder there are so many on the social housing list I think the rent for something similar would be around £400 ?   

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11 minutes ago, Grounds Keeper Willy said:

But people seem quite happy for them to sit vacant rather than ask for an affordable rent which I find strange. 

Maybe they are working on the assumption that an empty property gaining value is better than asking an "affordable" rent which is lower than their over blown asking price.

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16 hours ago, thesultanofsheight said:

I’ve never understood why government can’t see the issue with house prices and address it as it does put a significant number of prospective new residents and employers off. But then again they lost control of a lot of the land that could be developed years ago so they are at the mercy of the developers like anyone else which is probably why we seem to be re-zoning land like crazy at the moment. 

I heard an exit interview with Alan Bell, stating that everyone wanted and the governments aim was to increase house prices. Showing the usual contempt for people living here.

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Another factor that mitigates against relocating here is the split from reciprocal pension arrangements both state and public sector occupational over recent years. It might not seem to be a deciding factor for the young, but it is undoubtedly an additional disadvantage to have a disjointed retirement entitlement to have to mess around with later on. It's one more negative in a growing list of hangups involved in moving to the Island.  

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18 minutes ago, MadAsHell said:

I heard an exit interview with Alan Bell, stating that everyone wanted and the governments aim was to increase house prices. Showing the usual contempt for people living here.

Notwithstanding that all policies have to be modified and adjusted to suit the times and the tempo, virtually all of Bell's fiscal policies have by now been undone or been shown to be unsustainable. Let alone what when on during his tenure in Offices

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39 minutes ago, woolley said:

Another factor that mitigates against relocating here is the split from reciprocal pension arrangements both state and public sector occupational over recent years. It might not seem to be a deciding factor for the young, but it is undoubtedly an additional disadvantage to have a disjointed retirement entitlement to have to mess around with later on. It's one more negative in a growing list of hangups involved in moving to the Island.  

Also if you have children there's university payments, entitlements to think about.

If you're a grumpy bugger who just likes to walk around with his dog and go for an occasional pint then it's a terrific place, but not quite so for a young-ish family.

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