Lost Login Posted August 30, 2011 Share Posted August 30, 2011 I can see nothing of the sort. Although sales have fallen off, what I see is: "The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years." It really annoys me that they continually state that the report shows the average house price. It shows no such thing, it shows the average price paid for a property. Stating as they do is totally misleading as houses prices may fall through the floor but if the few buyers around still have roughly the same amount to spend the way it is reported above would show basically no movement even though last year £280k got you a three bed semi detached whilst this year £290k gets you a six bed detached house with gym, swimming pool etc Link to comment Share on other sites More sharing options...
manshimajin Posted August 30, 2011 Share Posted August 30, 2011 The 'crash' I have been predicting has actually been happening under our noses, as you can see from the BBC report. Tip of the iceburg stuff as yet, much more to come. I can see nothing of the sort. Although sales have fallen off, what I see is: "The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years." What I have witnessed around the Castletown area is that houses have stuck on the market for long periods of time, price reductions have been common, sales seem to have occurred significantly below the original asking price and in a number of cases people have withdrawn houses from the market. I have also noticed that the supply of top end (say £1 million+) has grown a lot over the last two years. At the least one would have to say that the market is stagnating slowly; at worst, at least in the middle to upper range, it is in decline. There is little on the economic horizon to suggest that the sort of inflated price increases people became used to will come back - at least for a decade. Link to comment Share on other sites More sharing options...
piebaps Posted August 30, 2011 Share Posted August 30, 2011 The 'crash' I have been predicting has actually been happening under our noses, as you can see from the BBC report. Tip of the iceburg stuff as yet, much more to come. I can see nothing of the sort. Although sales have fallen off, what I see is: "The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years." Although I agree that price falls are inevitable in the coming climate. My opinion, of course. And what makes the thread subject matter such a useful resource. To one who likes to monitor the actual market that is, rather than the often fanciful asking prices. I would have thought there would be more accurate monitors for the housing market than Manxforums You could always ask the Government,you know you would get a straight and honest answer from them. Our very secretive Government would never dare publish any data about property prices. Roll on FOI! Oh. hang on, what's this on their website. http://www.gov.im/lib/docs/cso/reports/qrapriljune2011.pdf If you couldn't be arsed to look for the data , then you'll probably need to know that the property data is on page 19 of the pdf. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted August 30, 2011 Share Posted August 30, 2011 The 'crash' I have been predicting has actually been happening under our noses, as you can see from the BBC report. Tip of the iceburg stuff as yet, much more to come. I can see nothing of the sort. Although sales have fallen off, what I see is: "The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years." What I have witnessed around the Castletown area is that houses have stuck on the market for long periods of time, price reductions have been common, sales seem to have occurred significantly below the original asking price and in a number of cases people have withdrawn houses from the market. I have also noticed that the supply of top end (say £1 million+) has grown a lot over the last two years. At the least one would have to say that the market is stagnating slowly; at worst, at least in the middle to upper range, it is in decline. There is little on the economic horizon to suggest that the sort of inflated price increases people became used to will come back - at least for a decade. Prices here are still pretty much the same average as the South East at the moment. And around twice the average of the North West and most other regions of the UK. Clicky Do the maths. We are about to enter the toughest time for decades on this island with 25% of our national income gone. And if anything, we want skilled workers to relocate here to cover new and expanding industries. But just who can afford to move here, and from where, anymore? All the ingredients are in place for a major adjustment here, with another 30% drop to go yet IMO. We will lose many jobs here before we attract new jobs with these current differentials. Taxes will start to rise here over the next two years, because the government will be too lilly-livered to make the necessary cuts, and as a result certain industries here will start to haemorrhage jobs long before the IOM government gets it into its' thick skull that we need to cut CS/PS posts and at least 3/4 of the 1 in 4 managers sat in them - now - and not raise taxes. And adjust our house prices if we want workers to come here and people not to simply cash up and go back 'home' on a profit. Link to comment Share on other sites More sharing options...
illegitimi non carborundum Posted August 30, 2011 Share Posted August 30, 2011 The 'crash' I have been predicting has actually been happening under our noses, as you can see from the BBC report. Tip of the iceburg stuff as yet, much more to come. I can see nothing of the sort. Although sales have fallen off, what I see is: "The report shows the average house price on the island to have risen from £280,485 to £290,199 in three years." Although I agree that price falls are inevitable in the coming climate. My opinion, of course. And what makes the thread subject matter such a useful resource. To one who likes to monitor the actual market that is, rather than the often fanciful asking prices. I would have thought there would be more accurate monitors for the housing market than Manxforums You could always ask the Government,you know you would get a straight and honest answer from them. Our very secretive Government would never dare publish any data about property prices. Roll on FOI! Oh. hang on, what's this on their website. http://www.gov.im/lib/docs/cso/reports/qrapriljune2011.pdf If you couldn't be arsed to look for the data , then you'll probably need to know that the property data is on page 19 of the pdf. Some time and effort went into that report. That explains everything. http://www.gov.im/lib/docs/cso/reports/qrapriljune2011.pdf Link to comment Share on other sites More sharing options...
Pierrot Lunaire Posted August 30, 2011 Author Share Posted August 30, 2011 I would have thought there would be more accurate monitors for the housing market than Manxforums Yes there are - iomtoday for example. Only I'm having trouble accessing it. This will give you the historic property sales section. http://www.iomtoday.co.im/community/property-sales/wwio_search_element_7_3834?slotSearch=true&siteId=2.2868&submitted=true&freeTextQuery=property%20sales&action=search&y=17&x=10 Thanks a lot for your input, your links are getting me in there, but I am unable to get beyond that. I clearly have a problem which i need to investigate. Thanks again. Link to comment Share on other sites More sharing options...
Merkin Posted August 30, 2011 Share Posted August 30, 2011 The market is shite and no one is buying. The reason for the lack of price drop is low interest rates. If the BoE increase the BR then things could slide quite quickly... Link to comment Share on other sites More sharing options...
bigmorgs Posted October 6, 2011 Share Posted October 6, 2011 Being young and looking for a house on the Island is a nightmare. Anything under 250K is not worth looking at, unless you really like living in a box in Peel! I did eventually find a place though, but I was lucky to get there first - found it on www.manxmove.com. It was in our budget, but I reckon I won't be sleeping much for the next year whilst I try to renovate it. Before I bought a place I would have welcomed a property crash - now I'm dreading one!! Link to comment Share on other sites More sharing options...
IOMRS97 Posted October 6, 2011 Share Posted October 6, 2011 The market is shite and no one is buying. The reason for the lack of price drop is low interest rates. If the BoE increase the BR then things could slide quite quickly... So the answer is what? Build more and more houses! 100 in Kirk Michael, 100+ in Peel, and so on with no end in sight. Presumably all the houses currently for sale are no use to anyone and there are hundreds of people queuing up for new builds? Yeah right! Link to comment Share on other sites More sharing options...
Pierrot Lunaire Posted October 6, 2011 Author Share Posted October 6, 2011 It's funny isn't it? Every generation seems to think they've got the shit end of the stick, as it were. Why, only the other day I was chatting with a bloke who is in his seventies, and who was moaning at length about how easy today's house buyers have it with such extremely low interest rates. As he pointed out, he was servicing his mortgages in the 70s, 80s and 90s, when interest rates were into double figures. And now, having paid them off and accumulated some retirement capital, said capital was making him, in his words, bugger all thanks to those fucking bankers and their stupid gambling which we are all ultimately backing, and who have lost very little as a result. He had a point. Link to comment Share on other sites More sharing options...
wheels Posted October 6, 2011 Share Posted October 6, 2011 Being young and looking for a house on the Island is a nightmare. Anything under 250K is not worth looking at, unless you really like living in a box in Peel! I did eventually find a place though, but I was lucky to get there first - found it on www.manxmove.com. It was in our budget, but I reckon I won't be sleeping much for the next year whilst I try to renovate it. Before I bought a place I would have welcomed a property crash - now I'm dreading one!! What a remarkable coincidence. Your new id on MF and the e mail address given in the whois for the above happens to be the same. Isn't that strange? Link to comment Share on other sites More sharing options...
thebees Posted October 6, 2011 Share Posted October 6, 2011 Not really, it read like an advert from the outset - cheeky & cheap. Send Uni £10 Link to comment Share on other sites More sharing options...
Merkin Posted October 6, 2011 Share Posted October 6, 2011 The market is shite and no one is buying. The reason for the lack of price drop is low interest rates. If the BoE increase the BR then things could slide quite quickly... So the answer is what? Build more and more houses! 100 in Kirk Michael, 100+ in Peel, and so on with no end in sight. Presumably all the houses currently for sale are no use to anyone and there are hundreds of people queuing up for new builds? Yeah right! Eh? Not too sure how you got from my mumblings that I think building more houses is a good idea. I do believe that the house prices need to correct on the IoM so that the average house can be purchased by the average salaried household. Whether this will ever happen or not I couldn’t say. I think that one of the main reasons that house prices haven't dropped yet is because there is no pressure for vendors to sell because the BoE base rate is low (0.5%) and mortgages are affordable. If the cost of base rate rose to the figure, say 20 years ago, in 1991 (13.4%), people would be flogging houses at pretty much any price to avoid the crippling repayments. I'm afraid that I don't have the answer for the housing market but I definitely don't think building more houses to stand empty is a good idea. Anyway, I could be wrong of course and every has their own view. Link to comment Share on other sites More sharing options...
IOMRS97 Posted October 6, 2011 Share Posted October 6, 2011 Didn't mean to suggest that was your thinking - my response was just a general question. I agree with what you say about prices but I doubt if sales would increase even if there were to be a drop in asking price. I know people who are keep to sell as they want to leave the island but can't even get people round to view, let alone make an offer - I think the light at the end of the tunnel is another train coming the other way! Link to comment Share on other sites More sharing options...
Slim Posted October 6, 2011 Share Posted October 6, 2011 Being young and looking for a house on the Island is a nightmare. Anything under 250K is not worth looking at, unless you really like living in a box in Peel! I did eventually find a place though, but I was lucky to get there first - found it on www.manxmove.com. It was in our budget, but I reckon I won't be sleeping much for the next year whilst I try to renovate it. Before I bought a place I would have welcomed a property crash - now I'm dreading one!! That's a pretty weak effort. Link to comment Share on other sites More sharing options...
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