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The Wilsons are going under.
Comments
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Rightmove Linky (£750,000 each).
I'm convinced these two new-build houses are part of the Wilson empire.
More than likely the build organised and overseen by them.
Today, after 16 months on the market with a £750,000 asking price, both have been reduced today by a whopping £5,000 each.
They really could use some new photos on the listing as well. Clean those pallets away.0 -
Have they gone under yet?
Thought the point of this thread was that their failure was inevitable and imminent.....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Nope.
But it aint looking good for them is it, let's be honest. The only thing that saved them was interest rates. He even said so himself:
As with everything else, things are ticking over, with interest rates this low.What saved the Wilsons was, curiously enough, the collapse of Lehmans. In 2008, with banks pulling the plug on buy-to-let lending, the Wilsons were struggling to refinance their borrowings. But after Lehmans collapsed in September 2008, the Bank of England slashed its base rate to 0.5% and the Wilsons found on nearly all their loans they could revert to base rate plus a fixed percentage – typically 1.5% – at the end of the fixed period.
"We were going to be, to put it bluntly, stuffed. The reason we were saved was the drop in interest rates," Fergus says. He is now paying an average of just 2% interest. "I earn a yield from rents of around 5% and pay 2% in interest. The average mortgage cost is about £300 per month with £800 income. This gives about £300 per unit per month after paying agent and repairs etc. The renting game has never been better. I do not have one house available to rent in Ashford, Maidstone or Hawkinge."
Also helped them that mortgage express were so concerned about their own part in the deal, they ended their mortgage fix early and put them on a base rate tracker...just to keep the payments coming in.
No point in pretending the wilsons are fine and dandy, they are not. Theres also no point pretending they will be finished any time soon. They won't, unless interest rates go up. All they are doing right now, is riding the tide to the inevitable. Someone will have to clean up their mess though...they will come out fine. Will probably be the taxpayer who stumps up the costs for this venture, and the wilsons will !!!!!! off to spain or somewhere.0 -
only £5k that's a massive 0.67% off the asking price...Today, after 16 months on the market with a £750,000 asking price, both have been reduced today by a whopping £5,000 each.
they're not exactly desperate sellers with their backs up to the wall as some are trying to tell us...But it aint looking good for them is it, let's be honest.No point in pretending the wilsons are fine and dandy, they are not.0 -
The point is they are rushing to sell as quickley as possible. They know prices are falling the longer it takes the less they will get.0
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and they're so desperate that they've taken a massive £5k off a £750k property which equals a massive 0.67% off the asking price...The point is they are rushing to sell as quickley as possible. They know prices are falling the longer it takes the less they will get.
yes you're right they're in a big rush to sell0 -
Yes they are, and thank you for agreeing with me Chucky
Im sure you also agree that this will continue they will keep reducing the prices all the way to the bottom, the trouble is for them that prospective buyers know this.0 -
The point is they are rushing to sell as quickley as possible. They know prices are falling the longer it takes the less they will get.
The Wilsons won't be rushing. They'll be systematically reducing the portfolio size. As they dominate the local markets they'll kill their own market if they flood it with property too quickly.
No doubt they are under pressure from their lenders to contract the loan books they have.
In time they'll ride off into the sunset with a comfortable retirement income.0 -
Thrugelmir wrote: »The Wilsons won't be rushing. They'll be systematically reducing the portfolio size. As they dominate the local markets they'll kill their own market if they flood it with property too quickly.
No doubt they are under pressure from their lenders to contract the loan books they have.
In time they'll ride off into the sunset with a comfortable retirement income.
They will be too old too ride off into the sunset by the time they do reduce the loan books they have.
During this time they will have no end of stress trying to shirt so many houses in such a small area.
It is a vicious circle for them. They are in a hury as prices are falling and interest rates are rising. But they cant flood the market.0 -
Didn't they claim last year that they had wealthy Arab or Russian investors who were oh-so-desperate to buy the whole portfolio from them as a job lot?Thrugelmir wrote: »The Wilsons won't be rushing. They'll be systematically reducing the portfolio size. As they dominate the local markets they'll kill their own market if they flood it with property too quickly.poppy100
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