The Budget And The Property Market

Both rentals and sales have been slowing down. This is our opinion based on what we see. Doubtless others may say otherwise but we’re not trying to make money from you. All our services are TOTALLY FREE and will remain so.

From the property point of view, the budget has done nothing other than maybe please one or two developers. The question being will they be able to sell what they build or just add to the rental market, because they can’t sell.

The budget has done nothing to help the ordinary man or woman in the street. The possibility of job losses to come and the ever increasing cost of living will put further pressure on the property market.  Prices both for rentals and sales now need to be very, very realistic now.

Restricting tax relief on mortgage interest to the lower rate of 10% doesn’t really help either.

There’s a bumpy ride ahead.

For most of us….

The Budget

Budget at a glance http://www.gov.im/treasury/budget/
Budget Speech http://www.gov.im/lib/docs/treasury/budget/2012/budgetspeech2012.pdf

The Pink Book 2012/2013 http://www.gov.im/lib/docs/treasury/budget/2012/pinkbook1213.pdf

BBC IOM report http://www.bbc.co.uk/news/world-europe-isle-of-man-17105202

Benefit changes http://www.gov.im/socialcare/security/benefits/ViewNews.gov?page=lib/news/socialcare/widereformstosoc.xml&menuid=11570

The usual waffle and the usual avoidance of what really needs to happen. The gravy train speeds on regardless. The Manx Government needs to address its size, its scope and its spending. It is a burden on the taxpayer.

Shutting old peoples homes and pre-schools won’t help at all.

The SS Manxgov continues on its stately way towards the iceberg with Bell and Teare on the bridge and not realising what’s coming over the horizon.

A shambles from start to finish. The ship of fools sails serenely on.

And they’re still not paying anything towards their lovely pensions……

Cuts

So first of all we have a care home closing and now we have pre-schools.

There’s a protest on the pre-school closures at Tynwald at lunchtime on the 21st February. There’s also an online petition – Stop the Isle of Man government from closing nurseries and preschools – which is getting a lot of signatures at  http://www.petitionbuzz.com/petitions/sign

Most of the parents seem happy to contribute to pre-school costs as far as their financial circumstances will allow, but in these days money is tight. There is the issue of it also being a postcode lottery with some areas not having any provision.

As is usual with the manx government, it’s a mess that should have been sorted out some time ago. There may well be a good case for ending totally free places and requiring some contribution.

This should have been looked at before the slash and burn option was taken. OK there have to be cuts in government spending, but it is a question of priorities.

Picking on the old and young as a first option isn’t the way to do it.

Movement in IOMs Deposit Base – F.S.C Press Release

Movement in Islands Deposit Base – F.S.C Press Release

http://www.gov.im/infocentre/ViewNews.gov?page=lib/news/fsc/movementinisland35.xml&menuid=10160

Deposits (net of local inter-bank placings) with Isle of Man offices of Isle of Man licensed deposit takers.

Deposits decreased by £2.27 billion (-4.61%) to £47.01 billion between 30 September 2011 and 31 December 2011.

Deposits in the year to 31 December 2011 decreased by £3.22 billion (-6.41%) on the corresponding figure as at 31 December 2010.

The Glenside Care Home Protest

6th March 2012, you can either meet down at Unites office in Fort Street Douglas from 9.30 or up at Tynwald from 10.00 am onwards.

You can also sign the petition at Unites office in Fort Street Douglas during office hours.

This is not just about jobs or unions banging the drum for the sake of it, this is about making sure that care services are maintained at the highest level including giving people choice.
 

Property Prices

Just what we’ve been saying for some time now here’s the proof:-

Manx Radio Article

Poor showing in down valuations table
Published online at 14/02/2012 08:12:33

The Financial Times says the Isle of Man was one of the areas hardest-hit by surveyors marking down property prices last year.

An analysis by the United Kingdom’s surveying company Esurv, says the number of times a surveyor instructed by a mortgage lender cut the estimated value of a property, following a mortgage application, was far above the British average.

The newspaper’s data shows that, in the first half of 2011, down valuations on the Island were 30 to 60 per cent more common than in the United Kingdom.

By the end of last year, the figure rose to almost twice the national average.

As we have also said before, in the current economic climate, realistic prices are required.

 

 

Care Home Closure

One of the ways in which a society can be really judged is in how it treats the weak and vulnerable.

That the Manx Government has chosen to pick on the elderly by closing a care home ahead of enacting effective cost cutting measures within its own structure, curtailing the financial waste and excesses (and without as yet MHKs paying anything towards their nice little pensions ) is indicative of where the real interests lie.

There may well come an economic time when care homes have to close but as a cost cutting measure that should be one of the last options ever considered on the IOM, not among the first.

To subject frail and vulnerable old people to the fear and uncertainty that this threatened closure will cause is frankly, unacceptable.

It is immoral.

There will be a demonstration outside Tynwald on March 6th in protest against this proposal.

Please support it. We will.