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Lloyds Starts £100 Million Property Sale

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Scotsman article on Lloyds planned disposal of property worth £100m that it inherited from it's takeover/merger with HBOS.

While HBOS Martin Ellis trots out the party line that the market has now 'stabilised', look closely at what they are actually doing and why they are doing it.

http://business.scotsman.com/industry/Lloyds-starts-100-million-property.6526638.jp

The real reason for these disposals is revealed towards the end of the article:

"It is understood that those responsible for processing property interests at Lloyds are keen to deal with assets and holdings now while residential prices are favourable.

One source said: "Residential prices are static but static might be looking really good in six months.""

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That is very interesting.

If Lloyds start to bail out of residential then it might worry others to do likewise.

In a few months you might be able to negotiate a hard bargain on some of these properties. I assume, per usual, they might not accept X now but in X months they will be more than keen to take whatever is offered? They might, of course, start off taking whatever they can get just to get rid?

Anyone have any links to what these properties are like?

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I would want to know why a bank bailed out by taxpayers has been sitting on saleable assets, not necessary for its business, for so long. I know £100 million is a drop in the deficit ocean, but the taxpayer's share of that (40 odd percent) is an amount that could do significant good if spent wisely, or avoid signficant problems if it didn't have to be cut from something important.

Or maybe the coalition is startng to notice the number of taxpayer owned assets that banks don't want to sell as it reveals their real value, and has told the banks to sell them anyway.

Y

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That is very interesting.

If Lloyds start to bail out of residential then it might worry others to do likewise.

In a few months you might be able to negotiate a hard bargain on some of these properties. I assume, per usual, they might not accept X now but in X months they will be more than keen to take whatever is offered? They might, of course, start off taking whatever they can get just to get rid?

Anyone have any links to what these properties are like?

BTW, how are property auctions doing now a days? I think they will be a good market indicator.

Perhaps someone should start a thread on it, like a "Auctions Watch" Thread?

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BTW, how are property auctions doing now a days? I think they will be a good market indicator.

Perhaps someone should start a thread on it, like a "Auctions Watch" Thread?

Here's some result from an auction house local to me (dedman gray southend) it deals with properties throughout Essex.

http://www.eigroup.co.uk/auctioneers/templates/guides.asp?a=73&c=ded&sd=0#

Not looking good! :lol:

I'm eagerly awaiting the latest results as there was a couple of houses I was interested in. I've saved the catalogue for this one with all the guide prices to compare to those that sell.

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£100m is equivalent to 750 £140k houses

so really just the same as Fergus selling off his portfolio..........you dont think that .... nah !

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Here's some result from an auction house local to me (dedman gray southend) it deals with properties throughout Essex.

http://www.eigroup.c...=73&c=ded&sd=0#

Not looking good! :lol:

I'm eagerly awaiting the latest results as there was a couple of houses I was interested in. I've saved the catalogue for this one with all the guide prices to compare to those that sell.

http://www.eigroup.c...d&sd=0&l=577791

sold for £4k !!!!!!!! wtf

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Hmmm.

Taxpayer supported bank offloads assets at knock-down prices to 3rd parties.

I think I'd want to know who's buying them and how much they're paying.

The state has a track record of selling low and buying high.

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Hmmm.

Taxpayer supported bank offloads assets at knock-down prices to 3rd parties.

I think I'd want to know who's buying them and how much they're paying.

The state has a track record of selling low and buying high.

Someone will jump in and buy them job lot for a knock down price.

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Never mind anything else in the article, this one quote explains all!

It is understood that those responsible for processing property interests at Lloyds are keen to deal with assets and holdings now while residential prices are favourable.

Seller: We'd like to sell you this property for £250,000.

Buyer: Why's that?

Seller: Because in 6 months time it will be 'worth' half that.

Buyer: Excellent! I'll have 10 in that case!

Seller: Done! (And so you have been - under their breath)

For someone trying to sell something the above quote must be the dumbest thing a vendor could possibly admit!

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I had a thread up a couple of weeks ago speculating on RBS being forced to offload properties - didn't get much response, so have a look:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=149327&st=0&p=2671796&fromsearch=1entry2671796

Yes, I remember this post but I did not understand it because I is thick.

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Scotsman article on Lloyds planned disposal of property worth £100m that it inherited from it's takeover/merger with HBOS.

While HBOS Martin Ellis trots out the party line that the market has now 'stabilised', look closely at what they are actually doing and why they are doing it.

http://business.scot...erty.6526638.jp

The real reason for these disposals is revealed towards the end of the article:

"It is understood that those responsible for processing property interests at Lloyds are keen to deal with assets and holdings now while residential prices are favourable.

One source said: "Residential prices are static but static might be looking really good in six months.""

This whole thing is so 'in your face' it's unbelievable.

Does it mean we have to wait until banks have finished liquidating for the government to remove support for the housing market? That could be a couple of years. Or more?

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That is very interesting.

If Lloyds start to bail out of residential then it might worry others to do likewise.

In a few months you might be able to negotiate a hard bargain on some of these properties. I assume, per usual, they might not accept X now but in X months they will be more than keen to take whatever is offered? They might, of course, start off taking whatever they can get just to get rid?

Anyone have any links to what these properties are like?

Been tracking a bit of this on the Scotland forum for 3 years now. Heritors were an 'investment' company that piled all into the Edinburgh Property market as prices only ever go up. That pretty much sums it all up. Bloke got huge backing for this plan from HBOS and they could not lose. Very high end properties we are talking about here in general. Mega money.

The company itself tried to offload this stuff themselves, but didn't get far. All at the same time as one of the main investors, DJ Alexander, was given free reign in the Scotsman/Evening News to tell the public not to sell their properties. All at the very same time as trying to offload all his own properties.

Huge scandal really - but not a huge surprise.

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Been tracking a bit of this on the Scotland forum for 3 years now. Heritors were an 'investment' company that piled all into the Edinburgh Property market as prices only ever go up. That pretty much sums it all up. Bloke got huge backing for this plan from HBOS and they could not lose. Very high end properties we are talking about here in general. Mega money.

The company itself tried to offload this stuff themselves, but didn't get far. All at the same time as one of the main investors, DJ Alexander, was given free reign in the Scotsman/Evening News to tell the public not to sell their properties. All at the very same time as trying to offload all his own properties.

Huge scandal really - but not a huge surprise.

Is this the sort of thing that you will wake up one day and learn that X company founded by X people with X funding from X bank have bought up all the property at a huge discount on current prices?

Become the Duke of Westminster of Edinburgh? Or was that the original company's plan?

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Is this the sort of thing that you will wake up one day and learn that X company founded by X people with X funding from X bank have bought up all the property at a huge discount on current prices?

Become the Duke of Westminster of Edinburgh? Or was that the original company's plan?

I don't think they were that smart.

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Hmmm.

Taxpayer supported bank offloads assets at knock-down prices to 3rd parties.

I think I'd want to know who's buying them and how much they're paying.

The state has a track record of selling low and buying high.

How dare you suggest we are run by idiots or worse people deliberately wasting public money to allow others to profit.

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This whole thing is so 'in your face' it's unbelievable.

Does it mean we have to wait until banks have finished liquidating for the government to remove support for the housing market? That could be a couple of years. Or more?

The bankers are lovely people aren't they.

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At one point Heritors boasted of a portfolio 'worth' $750m.

A lot of the initial funding came out of Hong Kong, but then the Edinburgh bankers got on the bandwagon and the money flooded in.

They were the market for a while - driving prices to ridiculous levels until the inevitable collapse.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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