Poor old Wilsons

Zandoni

He told Yourashford: “We have a moral and social responsibility not just to sell everything and flood the market in one go.”

The Wilsons say they own around 200 two and three-bedroom houses in the Ashford area – many of them in Park Farm.

http://www.yourashford.co.uk/kent-news/We-will-not-flood-market-vows-millionaire-landlord-newsinkent17025.aspx?news=local

Only 200 houses in Ashford, so where are the rest????????????

RDB

I thought they had about 900 houses in total.

The last decade they just borrowed more money and bought new houses at auction every month.

The problem is now rents are falling along with houses prices and they will have to make margin payments.


Also do you think this new 50% tax thing will prob aply to them?

Gorgeous_George

bubblesmoney wrote: »

how did they manage to fall 61% when property prices didnt fall that much. was it because of negative equity in some properties that the banks called for more funds from them to cover the loans? or did they have to dispose some properties at a loss.

They don't own the homes outright.

Any falls in price are geared in the same way profits are geared.

GG

chewmylegoff

bubblesmoney wrote: »

how did they manage to fall 61% when property prices didnt fall that much. was it because of negative equity in some properties that the banks called for more funds from them to cover the loans? or did they have to dispose some properties at a loss.

house worth £100
mortgage £90
equity £10

house prices fall by 5% - your equity (i.e. "wealth") falls by £5 - or by 50%.

hoggums

Interest rates are in the Wilsons favour at the moment - even if they are in net negative equity (which I firmly believe they are now) they are still almost certainly able to service the mortgage payments because of low mortgage rates.

Wait till they go up again. Their demise will be spectacular. I do not believe they actually have any wealth at all, their model was to borrow against the rising price of their existing assets to buy more. I don't see how they could possibly have a 65% LTV average with that sort of business.

It's just a waiting game for the moment. Inflation will come, followed by interest rate rises....

Alan_M_2

I have no problem with people discussing them, I have no problem even with an element of schadenfreude, it's the out and out Hate I find disturbing and quite often hypocritical....as many of the critics would most likely have done the same as the Wilsons if they'd have a bit of forethought.

A link has been provided which if right, and these lists are historically wildly inaccurate, states they are worth £70 Million......

Quite frankly, I'd like their problems if all they are still worth is £70 Million despite the massive drops in values.......

Consider this.....if they really were "worth" £180 Million at their peak, they could afford to lose 90% of their wealth and still be "worth" £18 Million.......I'd hazard a guess that's still worth vastly more than any poster on this site is worth. Do you think it would change their lifestyle one jot? Of course not.....once you're over £3-4 Million even of you're only half sensible you;ll never blow the lot.

Like I said...give me their problems.

lesley1960

Alan_M wrote: »

So many assumptions.

The only people who will really know are the Wilsons and their lender.

There is a strange obsession with this couple on this board, it really is strange.

Same thing with Granite Bovey and Anthea Turner, almost hate in a lot of cases.

Live and let live...worry about your own lives and finances not someone who you've never even met.....

There are an awful lot of people on here who wish others misfortune , and appear to get great pleasure from it . That is bad when you wish it on people you know , but very odd when you dont know them

mp2

chewmylegoff wrote: »

house worth £100
mortgage £90
equity £10

house prices fall by 5% - your equity (i.e. "wealth") falls by £5 - or by 50%.

the gearing is far higher if you used the equity gained from one property to put down on another.

e.g 10k equity in a house worth 100k. release 5k to buy another house worth 100k.

so you still have 10k equity but 200k worth of houses.

a 5% fall in house prices is now a 100% loss.

now multiply this by the number of times they remortgaged houses on top of each other. the result is massive, massive gearing.

even small % falls can wipe out most of your equity very quickly if you are geared in this way

LittleMissAspie

Thought they were going to start selling this year. Anyone in the area? Are there lots of BTLs on the market? If they sell 10 a week it will take nearly two years...

Maybe they have/will sell to another investor but who would pay more than they did? They couldn't possibly make a profit that way.

LittleMissAspie

Alan_M wrote: »

I have no problem with people discussing them, I have no problem even with an element of schadenfreude, it's the out and out Hate I find disturbing and quite often hypocritical....as many of the critics would most likely have done the same as the Wilsons if they'd have a bit of forethought.

A link has been provided which if right, and these lists are historically wildly inaccurate, states they are worth £70 Million......

Quite frankly, I'd like their problems if all they are still worth is £70 Million despite the massive drops in values.......

Consider this.....if they really were "worth" £180 Million at their peak, they could afford to lose 90% of their wealth and still be "worth" £18 Million.......I'd hazard a guess that's still worth vastly more than any poster on this site is worth. Do you think it would change their lifestyle one jot? Of course not.....once you're over £3-4 Million even of you're only half sensible you;ll never blow the lot.

Like I said...give me their problems.

I think people dislike them because they always come across so smug, greedy and with such huge egos. I don't hate them but I think going bankrupt would serve them right.

Like someone else said, this list doesn't seem to take into account debt. If they are worth 70mil but owe an average of 100k on 900 houses... I wouldn't like to have that problem...