Isle of Man Property

[jcamorgan]

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.

 

[Lysos]

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.

 

[jcamorgan]

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!

 

[Lysos]

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.

 

[jcamorgan]

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

 

[jcamorgan]

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!!

 

[ingram62]

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