Stop new residential housing developments on the Isle of Man.
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DO YOU OWN RESIDENTIAL PROPERTY ON THE ISLE OF MAN? HAVE YOU WORKED OUT HOW MUCH INTEREST YOU HAVE PAID TO OWN AN ASSET THAT HAS GONE DOWN IN VALUE OVER LAST 8 YEARS?
Since the global financial crash, the housing market has also crashed on the Isle of Man. Every homeowner has been affected. The value of housing has fallen significantly and the equity of most homeowners in their property has been greatly reduced if not eliminated. This has been exacerbated by the continual building of new homes, while owners of existing housing are unable to sell existing housing stock. The inability to sell (and in most cases also then buy another IoM property) has virtually stalled the whole market. Whether upsizing or downsizing families are now unable to sell (other than at firesale values) within a reasonable time, even if they take the painfully reduced equity they now have as a result of the current over supply.
This petition seeks the IoM Government to act urgently so that whilst the average time to sell residential properties exceeds 4 months the Isle of Man Government places a freeze on all new residential housing development permissions being granted. Permissions already granted and not started should be suspended until conditions improve. The Isle of Man taxpaying homeowners are being sacrificed for a few housing developers. The existing housing stock will still require maintenance and improvement/extension to keep a sensible sized construction sector active but without this action ALL Isle of Man homeowners are being hit and will be hit further financially and in terms of flexibility to adjust their lifestyles for the benefit of a small minority.
Please share this with as many of your Isle of Man friends and homeowners as possible. It has to be stopped and a large response may just be heard.
Homeowners on the IoM, lobby your MHK and please sign and share this petition. It is time we are all noticed and our situation addressed before it gets even worse.
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