BTL Tycoon plans ftb'r extinction?

manhattan

Interesting article from sky news:

property tycoon vincent tchenguiz is bidding to become one of britains biggest residential landlords.

He is to take advantage of the buy to let exodus with a deal with the royal bank of scotland on monday.

They plan to buy large numbers of homes "off plan" 18 months before they are completed that will be let to people unable to get onto the property ladder.
The initial fund of £100 million is intended to grow to £500 million.



Looks like they are trying to take advantage of ftb'rs rather than help them to me?

What do you guys think?

Doozergirl

I said about a year ago that I thought the leftover 'luxury apartments' would end up with a big, social landlord.

If this guy is buying up the new builds, he's doing the people that would have bought them a favour. There are a lot of FTBs caught in negative equity because there are too many of these flats around

Jennifer_Jane

Very interesting. I would like to see the story though, to hear more. From a business point of view, I can see that this is a good market segment for them to get into. Nevertheless, I hate the large companies using their huge incomes to control people. I'm sceptical!

Jen x

Jennifer_Jane

Doozergirl wrote: »

I said about a year ago that I thought the leftover 'luxury apartments' would end up with a big, social landlord.

If this guy is buying up the new builds, he's doing the people that would have bought them a favour. There are a lot of FTBs caught in negative equity because there are too many of these flats around

Good point!
Jen

prudryden

His brother Robert has been dealing in rented property (large blocks) for the last 20 years while Vincent was playing with the commodity markets. This is not new business for this family, just that Vincent is more publicly minded.

Doozergirl

prudryden wrote: »

His brother Robert has been dealing in rented property (large blocks) for the last 20 years while Vincent was playing with the commodity markets. This is not new business for this family, just that Vincent is more publicly minded.

Thanks! I was beginning to wonder why my business manager won't lend me £100 million

prudryden

Doozergirl wrote: »

Thanks! I was beginning to wonder why my business manager won't lend me £100 million

Can you get a new business manager? Did you try the Dragon's Den?

epz_2

if you were a home builder this may be a gift basicly you know the money know how much cash you are going to get before even breaking ground.

i would hope someone is smart enough not to buy up whole estates though otherwise you will end up with the same probs of council estates where nobody gives a monkeys about the area.

Doozergirl

epz wrote: »

i would hope someone is smart enough not to buy up whole estates though otherwise you will end up with the same probs of council estates where nobody gives a monkeys about the area.

You can see it already, all over the place, where most flats in a block have been bought by individual BTLers. There's one near me that is 2/3 years old and it's going downhill FAST because the people that rent the flats don't care.

prudryden

Doozer - on your £100mm. Keep your chin up - the first £100mm is always the hardest. Once you get it, however, the rest comes easy.

nelly_2

So basically its another newby BTL'er jumping in at the top.........ace:D