Isle of Man Property

Discussion in 'UK Property' started by jcamorgan, Jul 30, 2011.

  1. jcamorgan

    jcamorgan New Member

    I'm looking to move to the Isle of Man and need some advice on the property market there. Everything seems very expensive and I'm worried about buying into a market that is about to crash. Does anybody have any inside information about the state of the Islands economy and an idea about what may happen to property prices.
     
  2. Lysos

    Lysos New Member

    You are really asking an impossible question to answer. Nobody knows what any market will do. All you can do is your own research, looking at historical property prices, current asking prices, market activity, supply & demand etc.
     
  3. jcamorgan

    jcamorgan New Member

    In the time since I made the post I have done a bit of research. Here's what I found:
    - Average property prices on the Island are 60% higher than in north east England.
    - Income tax rose 1% last year to make up for the UK government dropping the 150M GBP annual health grant
    - Companies are plagued by new compliance legislation forcing many to transfer operations to places like Malta

    My opinion is that there is a definite property bubble that will burst at some point. The big question is when!
     
  4. Lysos

    Lysos New Member

    Comparing prices in the depressed North east with the IOM is meaningless; two totally different markets.

    I would think the IOM residential market is mainly reasonably well off retirees. People on final salary pensions are relatively immune from the current economic woes besetting the rest of us, so I suspect that like areas of places sauch as Torquay, Bournemouth & the like have their own micro market, with prices unaffected by weaknesses in the general economy.
     
  5. jcamorgan

    jcamorgan New Member

    Good point about the North East.... it is depressing there!!
     
  6. jcamorgan

    jcamorgan New Member

    I have just found out the Isle of Man government is run by an electrical shop owner! Not exactly awe (or for that matter confidence) inspiring!!
     
  7. ingram62

    ingram62 New Member

    Maybe he is a genius. They seem to be doing better than the UK mainland anyway. !!!!!!
     
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