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wealthy

Homes Under The Hammer

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Where do these people come from?

Some guy went to auction to get a wreck in Hammersmith. Obviously didn't have a particular limit and just kept bidding very quickly. He eemed proud that he "knocked the other buyers out" . Ended up paying 580K for it. Obviously he was pretty attached to it.

Didn't notice it has a tube line running round the back of it :lol:

To make matters worse one of the walls had to be entirely rebuilt when he thought he could get away with a cheap fix.

This is only his second development apparently. Crazy muppet. :rolleyes:

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^ :lol:

So after a year of work, and huge financial risk he ended up with around 5% yield :rolleyes:

But, being Homes Under the Hammer, it is as usual, made to sound as if it all ended up "happily ever after". :rolleyes:

I reckon this program has been responsible in a big way, towards fueling the house price boom.

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But, being Homes Under the Hammer, it is as usual, made to sound as if it all ended up "happily ever after". :rolleyes:

I reckon this program has been responsible in a big way, towards fueling the house price boom.

He made all the classic mistakes.

Not getting a decent assessment of the place (cost him 50k).

Going to the auction and bidding like he just didn't care without a limit, looked like his price got pushed up ridiculously

Not checking the place out thoroughly (how can you spend 580K and not know there is a tube line)

Then he converted a nice victorian house into some crappy flats and ended up with a poor yield. Estate agents of course gave him a valuation above what he spent on it, but the reality is bound to be pretty different. Not factoring a whole load of things like selling costs etc.

Cannot understand how someone with that sort of access to money can be so stupid, and I can't understand how they put a positive spin on it. Something about a "learning curve", which he could have got from reading a book or doing up something which cost less than 50K.

Edited by wealthy

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Cannot understand how someone with that sort of access to money can be so stupid, and I can't understand how they put a positive spin on it. Something about a "learning curve", which he could have got from reading a book or doing up something which cost less than 50K.

Yes this constant positive spin shown on this programme amazes me.

For would be BTL'ers, when they give a yeild valuation, they never seem to mention possible voids, or maintenance costs, and I have often found places that they have "valued", still for sale, at a lower price than they originally "valued" it at.

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But, being Homes Under the Hammer, it is as usual, made to sound as if it all ended up "happily ever after". :rolleyes:

I reckon this program has been responsible in a big way, towards fueling the house price boom.

Yep. Way way worse than LLL or property ladder. And that is saying something.

And on daily at time when housewives are watching and wondering why they can't make 50 'profit' for easy work in 3 months like all this other lot on the TV.

Shameless. It really is. And the constant 100% success stories and cheery ending point to it being far from neutral in its outlook.

I think a programme like this that showed reality would actually be pretty educational and useful to people. Would probably put a lot more people off than encourage though.

And we can't have that can we.....

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Yep. Way way worse than LLL or property ladder. And that is saying something.

They've had a lot of people on it who've said "we were inspired from watching your show"

Shame they don't do a "teach yourself brain surgery" or similar on the bbc in the mornings...

We'd end up with thousands of amateurs drilling into brains for fun and profit...

"To lobotomise or not to lobotomise?"

or "heads under the drill"

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They've had a lot of people on it who've said "we were inspired from watching your show"

Indeed, but the same people often say "oh, we didn't bother with a survey" and/or "didn't see the house before the auction, just bid for it" leaving Martin Roberts saying "you blithering idiots" as politely as he can.

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But they still make lots of money, buy for 120k at auction outbidding all the professional developers by 50k, never seen it, never even done any DIY, three months latter after spending 15k ,shiny suits say they would market this property at 220k and sell for around 200k leaving a profit of 65k. 'Are you happy with the valuation?' ' No I thought it would be nearer 250k .... ' It's all too good to be true but people believe it.

It's listed on BBC IPlayer under 'Factual'. That's good enough for Mr and Mrs Numpty.

Edited by juvenal

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They've had a lot of people on it who've said "we were inspired from watching your show"

Shame they don't do a "teach yourself brain surgery" or similar on the bbc in the mornings...

We'd end up with thousands of amateurs drilling into brains for fun and profit...

"To lobotomise or not to lobotomise?"

or "heads under the drill"

Ha!

(In 3 years of being on HPC I think that that's the first time I've ever LOLed. God this is a depressing place.)

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  • 239 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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