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nimby

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About nimby

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  1. What you are missing on unsold percentages is the fact that if no interest is shown in a property prior to auction it is normally withdrawn from the sale. I accept that not many properties were withdrawn from the Barnard Marcus Auction. However if you look at Auctionhouse London loads were withdrawn. If they had been included in the not sold figures the percentage sold would have been far lower!
  2. I am not sure of your motive for posting this is but your story does not ring true. When a property goes to auction it always has a price guide published, This by law has to be within 10 per cent of the reserve..This shows roughly how much the reserve price is. So using your figures, If the banks reserve was £630,000, the estimate would probably be £570,000 plus, (They normally advertise low to generate interest} The question I have to ask is why was your friend thinking he could buy a house guided at £570,000 plus for £360,000?
  3. I did take a look at this house with a view to buying. Yes the developer has gone bankrupt. Unfortunately there are a few catches. 1) This is a four bedroom house, the other two have 6 bedrooms, 2)It is not finished, stucture is complete but needs internal finishing 3)there is no building regs completion certificate or nhbc warranty so unmortgageable. So only suitable for cash buyers who dont want to sell it for ten years! I cant see it making £340k myself
  4. I have some experience of property auctions. most properties have a reserve which is 10% above the guide price to attract interest. If no one bids on a property the auctioneer will take two ficticious bids from the room up to somewhere near the reserve. That is why you see for example, price guide £100,000 plus last bid £109,000 available at £110.000 In fact there were NO BIDS!
  5. Ive just escaped the south east to freshwater IOW. advantages, less stress, no traffic,great pubs and walks, wonderful scenery,friedly people and cheap houses. disadvantage, only the ferry cost, but not too bad, I only use it once a month.
  6. It is normal practice for property auctioneers to bid up most lots to just below the reserve even if no one is bidding. It is pure theatre and makes it look as if unsold properties are close to selling. This may give other potential buyers the confidence to bid on other lots. It also heps them on trying to tie up a sale after the auction as it looks as if the property nearly reached its reserve.
  7. What I dont understand about this thread is we are not hearing anything from residents of Ashford. I can believe that nobody on this site knows them because I doubt if they have any friends. But there must be people in Ashford who know more. IE their tenants who are moving out. Is the property up for sale or rent. If up to re-let are rents falling, rising or neutral. If up for sale are they selling and if so for how much? Local estate agents must be in the know. Any of you prepared to tell us whats going on!
  8. I did a bit of research on The Wilsons to satisfy my curiosity about six months ago.. I found all the information needed on google and although some contradictions it appeared that they had 900 houses and a mortgage of £160 million. Using their formula for buying property the portfolio only appeared to be worth £120-£140 million then. They have to be in deep trouble now and I think the banks must be taking over, Why would these foreign buyers be queing up to pay £180 million? Also very strange that most of the articles I read on google are no longer there! Could they delete them!
  9. Hi all, My first post here on this great site. I was reading the Sunday Times Rich List yesterday. I checked on the Wilsons of Ashford and it shows them at no.793 with a total wealth of £70 million down from £180 million. This got me thinking that these numbers dont sound to stack up. I did a spot of research on Google and there are several interviews with the Wilsons where they enjoy telling us how financially savvy they are compared to us mere mortals. The facts appear to be that they own about 900 houses mainly in Ashford and some in Maidstone. They are modern and new build so I assume not much is over 20 years old.They also have a formula of buying at a ratio off: 16, 2 bed terraced, 8, 3bed end of terrace, 4, 3bed semis, and 1 3 bed detached. The portfolio is worth a cool £250 million with a mortgage of £160 million Sorry, not sure how to provide links yet but easy to find. So with this info you dont need to be a maths teacher to work out a rough valuation with the help of Rightmove. If you value the 2 bed terraces at about K120-145, 3bed e.o.t. at k130-165, 3 bed semi at k135-175 and 3 bed detached at k165-210 this looks about right. Now if you work out the sums you get 496,248, 124 and 31 of each category, then on the lower valuation the portfolio is only worth £113,615.000, or even on the higher values you reach £141,050.000, This leaves you with a large negative even at highest probable sale price and nowhere near the Wilsons £250,000,000 valuation. I have checked the figures and cant make sense, am I missing something? i
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