The Wilsons are going under.

PasturesNew

gingermingerr wrote: »

I'm curious to know why the Wilson's wanted so many properties. Despite all the money they must have been making at one time they live so frugally! I just wonder why they wanted to own so much property? Maybe it's an ego thing?

If the rents are covering the mortgages and a few quid, then if they pay a maintenance person and agents .... they're probably declaring income of £8k/year between them and topping up with WTC.

Don't forget they also have horses to feed/stable .... that never win races, so they're a cost.

neas

I am nasty.. i take a sick glee in seeing them come off their pompous high horse.

What comes around goes around i guess, and they really did treat people badly by the signs of it.

ruggedtoast

Its interesting that they are maths teachers. Their business model added up on paper, but they didnt have the imagination apparently to work out that they cant sell all those properties without lowering values.

Especially considering some of the properties were sold to themselves at over inflated levels to raise local nominal land values.

bo_drinker

I don't think they along with the bulk of society had or even thought there would be a reason to have a "plan B". Even their banks couldn't have factored it in to the equasion. Just rail roaded ahead and the ££££££££ sign was all they saw inc the lenders. Tough, a lesson for others maybe.

StevieJ

dopester wrote: »

It took me a moment to place where I'd seen that apartment listed elsewhere recently...

And very nice to posting here again NDG. :hello:

Apartment 5, 21 Chesham Place, Belgravia, London SW1
http://www.candyandcandy.com/#/projects-for-sale/chesham-place1/gallery?state=gallery&imageId=0
Price on application

25 mil :eek: it looks so impersonal, like an office building, reminds me of that place the Georgie had built in th 70's,
I read somewhere that the locals said it looked like a public toilet.

Batchy

Emy1501 wrote: »

Not these 2 prats! I remember back in 2004 last time the market was difficult, they screwed desperate sellers and were really smug about it. For maths teachers they were not to bright as they believed prices would double every 7 years and therefore a 3 bed terrace in Ashford would be worth 1m by 2025!

By the summer of last year they must have realised that the plan was not going to work as they were on radio 5 live bragging how they were going to sell up and make a killing. When it was pointed out to them that prices were falling they claimed it was only flats that were falling and that houses prices were stable. They got pretty heated when the presenter poured scorn on the comments.

What I do not understand is with 0.5% interest rates, they must have seen their mortgaes drop by up to £600 a month on their average property. Also they must have been able to sell off a reasonable amount of the properties at the turn of year if they tried. I suspect they are still waiting for the big Russain investor to buy them out and give them £180m profit:rotfl:

I think with values falling, LTV % increasing rather than falling, and interest only repayments based on houseprices only ever going up is a recipe for disaster... so unable to renew mortgages and defaulting to SVR's and with many many voids, they have no other income to support this mess in the mean time other than to auction off houses they own without mortgage for a lot less than market value...

or offload to rich russian with a lot of cash lol who wants to launder some dosh!"!!

StevieJ

Generali wrote: »

This is how a poor Sydneysider has to live:

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2008005783

Your heart goes out doesn't it. I might start a charity to help them.

What a fantastic view, it is like the one on Bloomberg

leveller2911

neverdespairgirl wrote: »

"Only poor people buy flats"

Like this one for £25 million in Belgravia?

http://www.rightmove.co.uk/property-for-sale/property-13619988.html

Hi-yers NDG , good to see you back....:D:j (missed ya:o)

leveller2911

gingermingerr wrote: »

I'm curious to know why the Wilson's wanted so many properties. Despite all the money they must have been making at one time they live so frugally! I just wonder why they wanted to own so much property? Maybe it's an ego thing?

Ive wondered that, we are about 10 miles from Ashford and a good friend of mine owns a shop (nice gifty type shop)in a near by town, Fungus is a regular buying , he always pops in pretty messy dresser and still drives a beaten up land rover......

mind boggles...:rolleyes:

carolt

Oh, but she dresses in head-to-toe Burberry. Is that where their money goes?

Or do you think it's faux Burberry, off the market stall?

I certainly hope the latter, as if not, the cost was wasted on her, darling.