Debate House Prices


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The Wilsons, they have never been so quiet.

There's no Wilsons news lately, do you think they are keeping the publicity down so they can try to sell quietly. If they are in deep trouble they certainly wouldn't want it made public.
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Comments

  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
    That greedy fat pig fergus is only a few years off a heart attack anyways.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Probably just getting on quietly running (down) their business empire.

    Low interest rates are benefiting them like many others.
  • MissMoneypenny
    MissMoneypenny Posts: 5,324 Forumite
    edited 6 October 2010 at 10:26PM
    Thrugelmir wrote: »
    Probably just getting on quietly running (down) their business empire.

    Low interest rates are benefiting them like many others.

    I thought the banks had taken over the management of the properties because of the Wilsons' financial problems?

    Buy-to-let gurus see empire crumble

    But tellingly, Wilson told Financial Mail the properties were being clustered together in 'management arrangements', formed with the agreement of lenders, or even managed by lenders. Some of these deals were being finalised last week.

    Read more: http://www.thisismoney.co.uk/mortgages-and-homes/buy-to-let/article.html?in_article_id=499590&in_page_id=56#ixzz11cGOsVnu



    6 March 10

    Buy-to-let king and queen dismantle property portfolio

    Fergus and Judith Wilson bought 700 homes in a buy-to-let frenzy that raked in £225m. Now they're trying to sell up, and tell Patrick Collinson how they nearly went under

    http://www.guardian.co.uk/money/2010/mar/06/buy-to-let-fergus-judith-wilson


    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I thought the banks had taken over the management of the properties because of the Wilsons' financial problems?

    MSP, I suspect that the Wilsons problems are cash flow related. As they started building their empire in the 80's. They have a considerable amount of unrealised capital gain within the portfolio. So with a careful planned exit they'll eventually realise the gains, settle their debts, pay the tax and ghost away into the shadows.
  • dopester
    dopester Posts: 4,890 Forumite
    Thrugelmir wrote: »
    MSP, I suspect that the Wilsons problems are cash flow related. As they started building their empire in the 80's. They have a considerable amount of unrealised capital gain within the portfolio. So with a careful planned exit they'll eventually realise the gains, settle their debts, pay the tax and ghost away into the shadows.

    They were still buying into 2009 though. "Addicting" according to Fergus (truth I read or listened to him say that). Cashflow problems can be the main cause of disaster, not something to be shrugged off. Creditors seizing assets, charging you their costs, selling to market.

    The Wilsons have been fortunate to be rescued by low-interest rates and lenders who might not enjoy the headache and implications for their tenants and other houses in Ashford.

    They've also got those 2 ridiculous (imo) new builds behind their own house, on land they had and extra they aquired, they were trying to shift at £750K a pop rofl. They've sat empty for a long time, on the market, but have since withdrawn from the market for some reason.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dopester wrote: »
    They were still buying into 2009 though. "Addicting" according to Fergus (truth I read or listened to him say that). Cashflow problems can be the main cause of disaster, not something to be shrugged off. Creditors seizing assets, charging you their costs, selling to market.

    The Wilsons have been fortunate to be rescued by low-interest rates and lenders who might not enjoy the headache and implications for their tenants and other houses in Ashford.

    They've also got those 2 ridiculous (imo) new builds behind their own house, on land they had and extra they aquired, they were trying to shift at £750K a pop rofl. They've sat empty for a long time, on the market, but have since withdrawn from the market for some reason.

    Had somewhere between £180m and £225m in equity in March this year. So plenty of room for maneouvre. As much I dislike them as individuals they certainly have first class business heads.
  • Thrugelmir wrote: »
    Had somewhere between £180m and £225m in equity in March this year. So plenty of room for maneouvre. As much I dislike them as individuals they certainly have first class business heads.

    Their plan was always to take out as much money as they could from a property as the market rose, to pay for the deposit on other properties: and so on. How much equity would they have built up doing that as they will be in negative equity with some of their later houses, and maybe some of the earlier ones too if they kept taking further loans out against the equity they thought they had?

    As dopester said, they got addicted to buying houses and flats too it seems. They stayed in too long and were still buying houses, when a lot of wiser people had stopped.

    I think they will still walk away with a lot of money, but no where near what they were hoping to retire with. They just need that "Russian buyer" that Fergus talks about, to materialise.
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • According to the spreadsheet from the benefits board on LHA estimated prices drops, Ashford 2 bed houses will drop by £7pw for 2 beds and 8pw for 3 beds.
    Not a lot for one house, but if the Wilsons' have a lot of tenants on LHA, they are going to have to take the loss or lose the tenants and get voids.
    https://spreadsheets.google.com/ccc?key=0AonYZs4MzlZbdFpEYjdfZVpUY0tZRktMZjFReG9yNEE&hl=en#gid=6

    People on the benefits boards are already talking about moving to cheaper houses.
    https://forums.moneysavingexpert.com/discussion/2775076
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • They also have houses in Maidstone and Hawkinge.
    Maidstone LHA to drop £8pw for 2 beds and £12pw for 3 beds.
    Hawkinge (Shepway) £12pw drop for 2 beds and £12pw for 3 beds.
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


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