thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 2 minutes ago, dilligaf said: interest rates went up to something like 17% and lots of young couple lost their houses. You are not from this time are you? where have you parked your tardis ? The last great repossessions here were in the late 1970s when the tourism boom went pop and a lot of hotels and guest houses were repossessed. I don’t know one person who had their house repossessed in the time we’re talking about (or at least one who didn’t deserve it as they were massively over geared). I think you’re talking about the UK not the IOM. There was not that many repossessions here at the end of the 90s boom or at the end of the pre 2008 boom. As it stands people can service the debt even on relatively low incomes as the interest rate is next to nothing. That’s why prices on this Island aren’t dropping to where they should be. I’ve parked by Tardis up your arse. Link to comment Share on other sites More sharing options...
dilligaf Posted January 13, 2019 Share Posted January 13, 2019 1 minute ago, thesultanofsheight said: The last great repossessions here were in the late 1970s when the tourism boom went pop and a lot of hotels and guest houses were repossessed. I don’t know one person who had their house repossessed in the time we’re talking about (or at least one who didn’t deserve it as they were massively over geared). I think you’re talking about the UK not the IOM. There was not that many repossessions here at the end of the 90s boom or at the end of the pre 2008 boom. As it stands people can service the debt even on relatively low incomes as the interest rate is next to nothing. That’s why prices on this Island aren’t dropping to where they should be. I’ve parked by Tardis up your arse. The interest rates were crazy in the early 80's and that is when couples lost their houses, or were forced to sell at about 1/3 the value Link to comment Share on other sites More sharing options...
thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 Just now, dilligaf said: The interest rates were crazy in the early 80's and that is when couples lost their houses, or were forced to sell at about 1/3 the value Not in the IOM I think you’re thinking about the UK. Most of the repossessions at that time were linked to over borrowing in the tourism sector. Link to comment Share on other sites More sharing options...
dilligaf Posted January 13, 2019 Share Posted January 13, 2019 Just now, thesultanofsheight said: Not in the IOM I think you’re thinking about the UK. Most of the repossessions at that time were linked to over borrowing in the tourism sector. I don't think I am wrong, but I will check up as a close family member lost his house in that time. If I am wrong I will admit defeat. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 1 minute ago, dilligaf said: If I am wrong I will admit defeat. Like you always do? Link to comment Share on other sites More sharing options...
dilligaf Posted January 13, 2019 Share Posted January 13, 2019 Just now, thesultanofsheight said: Like you always do? Well I would if I was ever wrong , yes. Just hasn't happened yet. Link to comment Share on other sites More sharing options...
Non-Believer Posted January 13, 2019 Share Posted January 13, 2019 Property in IoM early 80s was surely dirt cheap (relatively)? FS hadn't established, average wage was @£100 a week and it (property) was still at a natural level. Late 80s it started to boom, as did wages but I can't personally remember any massive crashes or repo spells? Interest rates went massive in the early 90s (Norman Lamont and the ERM) but I don't know if it impacted over here? Link to comment Share on other sites More sharing options...
thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 5 minutes ago, Non-Believer said: Property in IoM early 80s was surely dirt cheap (relatively)? FS hadn't established, average wage was @£100 a week and it (property) was still at a natural level. Late 80s it started to boom, as did wages but I can't personally remember any massive crashes or repo spells? Interest rates went massive in the early 90s (Norman Lamont and the ERM) but I don't know if it impacted over here? The UK had a big issue with repossessions in the mid 80s but it didn’t really hit here to my recollection. The last really tough time was the end of the tourism boom where guest houses and hotels got over leveraged and the banks called the debt in. After that it’s been pretty manageable here for the last 40 years as the interest rates in the last 15 years are so low. That’s why property is not dropping. You can service a £300K plus interest only mortgage on a relatively modest salary. So there are no enforced sales at prices that would attract buyers so prices are artificially high. It’s creating an artificial market. I posted that link above. That’s one house here that has seen a reduction in asking price of over £700K in 3 years. There’s lots more around like that too. But they don’t ‘have’ to sell until Brexit collapses Steling and interest rates go back up. Link to comment Share on other sites More sharing options...
Non-Believer Posted January 13, 2019 Share Posted January 13, 2019 The place has been awash (relatively) with money since the early 90s up until @ 10 years ago, the "good times" (which is why we had a burgeoning nightlife, as an indicator?). For most people anyway. They could afford silly mortgages to pay the silly house prices. If there's going to be repos, look to the next ten years. I posted somewhere else recently - going on a good look around the economy and a general "feel", I wouldn't be surprised if TRUE economic figures put us close to recession. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 3 minutes ago, Non-Believer said: If there's going to be repos, look to the next ten years. I posted somewhere else recently - going on a good look around the economy and a general "feel", I wouldn't be surprised if TRUE economic figures put us close to recession. Totally agree with you. Incredibly low interest rates have masked a lot. If Brexit collapses Sterling interest rates will go up very quickly indeed to encourage foreign investors to hold Sterling which will flush a lot out. We’ve just had it easy for the last 15 years. Link to comment Share on other sites More sharing options...
finlo Posted January 13, 2019 Share Posted January 13, 2019 Was good in the day, but objectively a shithole that will never be a place of entertainment again. Link to comment Share on other sites More sharing options...
Non-Believer Posted January 13, 2019 Share Posted January 13, 2019 All those hundreds of young things (like me ) who used to throng between prom nightclubs...not all their modern day equivalents can be netflicking or drinking Tescos every weekend. So where are they? Govt claims population hasn't dropped or is even growing now. Govt. is the only thing keeping the economy afloat at the minute, pumping money in via PS wages, capital projects, construction sector. Mostly elsewhere seems to be winding horns in, consolidating- or vamoosing. Next ten years will be the proof. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted January 13, 2019 Share Posted January 13, 2019 6 minutes ago, Non-Believer said: All those hundreds of young things (like me ) who used to throng between prom nightclubs...not all their modern day equivalents can be netflicking or drinking Tescos every weekend. So where are they? Govt claims population hasn't dropped or is even growing now. I’ve thought that often enough. But look at the traffic around the place. There’s a lot of people here they’re just either earning bugger all or paying bugger all in tax. Link to comment Share on other sites More sharing options...
Neil Down Posted January 13, 2019 Share Posted January 13, 2019 Maybe the wrong age group is being targeted. Cast your minds back to when Molly’s was open followed by Walpole Avenue. Both places packed with over thirties... Link to comment Share on other sites More sharing options...
finlo Posted January 13, 2019 Share Posted January 13, 2019 10 minutes ago, Neil Down said: Maybe the wrong age group is being targeted. Cast your minds back to when Molly’s was open followed by Walpole Avenue. Both places packed with over thirties... They both focused on the gay community so had a more concentrated clientele? Link to comment Share on other sites More sharing options...
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