Meet the Wilsons Part 3 - The TV bonkers debate

brit1234

The Man with 900 Houses

Britians most hated landlords the Wilsons are attempting to sell their 900 properties before the housing market resumes crashing. Back in 2008 we linked a interview with Fergus Wilsons views on the housing market, this link is now dead but the thread has been resumed for an update:

http://forums.moneysavingexpert.com/showthread.html?t=1209371

Below is his latest interview this time on video. So if you want housing advice from him, or his views be challenged, or evidence he is under extreme preasure enjoy the video below.

http://renegadeeconomist.com/headline/man-900-houses.html
Bare in mind he is selling all his property as this video comes out.

rictus123

Lol 900 houses

why not stop at 300

Yoshua

brit1234 wrote: »

The Man with 900 Houses

Britians most hated landlords the Wilsons are attempting to sell their 900 properties before the housing market resumes crashing. Back in 2008 we linked a interview with Fergus Wilsons views on the housing market, this link is now dead but the thread has been resumed for an update:

http://forums.moneysavingexpert.com/showthread.html?t=1209371

Below is his latest interview this time on video. So if you want housing advice from him, or his views be challenged, or evidence he is under extreme preasure enjoy the video below.

http://renegadeeconomist.com/headline/man-900-houses.html
Bare in mind he is selling all his property as this video comes out.

Thanks Brit, you are one of the best posters on here. What a great video.

This is what I call a good thread.





Whats most interesting is to try predict what this situation will be in a year or 2, then see who was right and who was wrong. With 900 houses flooding the market in such a small area, hell I may even snap one or 2 up at the bottom whenever that is.

Pobby

Cor shame ain`t it, poor people live in flats

http://!!!!!!/ol4nf

Generali

Pobby wrote: »

Cor shame ain`t it, poor people live in flats

http://!!!!!!/ol4nf

I wish I was that poor.

http://www.domain.com.au/Property/For-Sale/Apartment/NSW/Pyrmont/?adid=2007548661

novazombie

Pobby wrote: »

Cor shame ain`t it, poor people live in flats

http://!!!!!!/ol4nf

I like the reporters face when Fungus says poor people live in flats:rotfl:


So Pobby and Gen, how do you see this situation playing out?

DaddyBear

These jokers epitomise all that was wrong with the property boom. Just outright greed, plain and simple. If they were hoarding loaves of bread there would be outrage. I really hope they come a cropper.

Generali

novazombie wrote: »

...Gen, how do you see this situation playing out?

It's impossible to say without knowing what their financial position is and they seem pretty shifty when it comes to talking about it.

In effect, they've tried to corner the market for small houses in a couple of towns which presumably means they've driven prices up as they've bought as they'll have to outbid other potential purchasers. Whether or not they drive prices down as they sell ultimately depends on how motivated they are to get a sale. If their finances are looking a little shaky they may not be able to afford to sell.

I understand they have a separate mortgage on each house that has a mortgage (they claim at least sometimes that not all do). In that case, each sale will have to clear the mortgage on that house or they will have to put funds in to complete the sale.

My best guess is that they are financially fine, just fed up of the whole thing. They're getting on in age and neither looks particularly fit so they probably just want to get their money out. I reckon they'll manage to do so but that it'll take them a lot longer than they think to do so, in fact I suspect their kids will be inheriting quite a few houses.

Pobby

novazombie wrote: »

I like the reporters face when Fungus says poor people live in flats:rotfl:


So Pobby and Gen, how do you see this situation playing out?

Well I`m not sure really. Much depends on when they bought. If most were picked up pre ,I guess, 2004 then they would be OK for the time being. That`s of course if their borrowings don`t go up by much ( mortgage rates staying pretty benign, they have a fairly full book of renters, so few voids. Finally if their repair bills are not so bad. Hey, anyway, we know what happens if one of the Wilsons bog seats gets broken.

I think that Fergus is trying to convince himself about the poor living in flats. Utter rubbish. Like £199,000ish for a typical new build flat in many cities in the U.K at the peak. You can`t be poor and buy one of those!

Imho, I think in part he is a little bit right regarding small houses. Not that I think they will go up but will be likely to not go down in price as many of the new build flats.

In fact, in an anecdotal way, we are looking at the possibility of buying a retirement flat near London. Now we have a house in a less expensive part of the country and for a long while it would have been difficult. Now it is looking more like a like for like price as these places, so i am told, have massive over build.

So to sum up, what will happen to the Wilsons? I honestly don`t know. In the same way as I don`t know where any of it is going. Being older I expected a different situation to what is being played out now. At some point the economy has to get real. The loose money will have to be taken back in. The steady increase in inflation will have to be addressed. However, one thing I do know, is that the Wilson story will be an interesting one to follow.

ManAtHome

Can't quite my head round it - reports I've seen are that they are after £180 million - £200k average per house - are they really pulling well over a grand a month rent with little/no voids? (and that's taking their 'empire' at the top end of the 700-900 properties often mentioned).

Emy1501

These two are toast. I suspect they are only be kept a float due to alot of their loans are with B&B and Mr Brown have told this nationalised banks not repossess. I got no doubt they are well in arrears and in due course their properties will get repossessed bit by bit.

They have been trying to sell at this 180m for will over a year now. Reminds me of some of the properties in my area which have been on for this length of time or longer with no price drops!