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Slippy Phil

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Just watching a rerun of Relocation on More4. Phil is telling a couple that buying an investment property is all about the numbers. He finds a studio in Hackney for 150,000, which rents for 750 a month. He then cheerfully tells the couple that if they got an interest only mortgage the flat would give them 6%. The only thing he neglected to tell them was that was GROSS. Good luck in finding a 100% BTL mortgage for much less than 6%. Hope they never plan on doing ANY repairs or ever having a void or non-paying tenant, let alone using an agent to manage the lettings, they'd be subsiding their tenant's rent.

Does everyone who goes on this show sign a waiver agreeing all 'advice' given is for entertainment purposes only (comedy that is!)

Sorry, got to edit for an update.

Couple says no. Phil is disappointed because he thinks the maths is pretty attractive. Arghhhh!

Edited by izzy

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Just watching a rerun of Relocation on More4. Phil is telling a couple that buying an investment property is all about the numbers. He finds a studio in Hackney for 150,000, which rents for 750 a month. He then cheerfully tells the couple that if they got an interest only mortgage the flat would give them 6%. The only thing he neglected to tell them was that was GROSS. Good luck in finding a 100% BTL mortgage for much less than 6%. Hope they never plan on doing ANY repairs or ever having a void or non-paying tenant, let alone using an agent to manage the lettings, they'd be subsiding their tenant's rent.

Does everyone who goes on this show sign a waiver agreeing all 'advice' given is for entertainment purposes only (comedy that is!)

Had to leave the room for the tv's sake.

Was ready to hurl the fruit bowl through it.

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I hope you didn't miss Krusty's attempt at negotiation.

"Um, we were... err, wondering, how would you feel about an offer of (*cowers*) £660k?"

This is on an asking price of £675k you understand.

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Scary to think he was only 30 when LLL first started filming.

I'll be 30 in a couple of years and dont even own one home :angry:

Since when was house ownership a measure of a man? He might have had help from parents, and especially in those days, he could have walked into several liar loan mortgages to fund his BTLs.

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Since when was house ownership a measure of a man? He might have had help from parents, and especially in those days, he could have walked into several liar loan mortgages to fund his BTLs.

Englishmans home is his castle and all that.

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I hope you didn't miss Krusty's attempt at negotiation.

"Um, we were... err, wondering, how would you feel about an offer of (*cowers*) £660k?"

This is on an asking price of £675k you understand.

Yes Ms Krusty really needs to get to grips with a proper cheeky offer, it is amazing that she holds such faith in the valuations from some ****** in a cheap Next suit and some hair gel...

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Guest The Relaxation Suite

Just watching a rerun of Relocation on More4. Phil is telling a couple that buying an investment property is all about the numbers. He finds a studio in Hackney for 150,000, which rents for 750 a month. He then cheerfully tells the couple that if they got an interest only mortgage the flat would give them 6%. The only thing he neglected to tell them was that was GROSS. Good luck in finding a 100% BTL mortgage for much less than 6%. Hope they never plan on doing ANY repairs or ever having a void or non-paying tenant, let alone using an agent to manage the lettings, they'd be subsiding their tenant's rent.

Does everyone who goes on this show sign a waiver agreeing all 'advice' given is for entertainment purposes only (comedy that is!)

Sorry, got to edit for an update.

Couple says no. Phil is disappointed because he thinks the maths is pretty attractive. Arghhhh!

I used to hate him, but now I'm no so sure. I've got more honest with myself recently, and I realised I just said I hated him because he had lots of money. This might be a fun reason to hate someone, but it is not a rational reason. I tried to justify it on the grounds that his advice has probably bankrupted dozens of people - but don't know that, do I? Houses have basically retained their value in UK and Australia all the way through the "GFC", even if we accept a 10% slip, that's hardly the crime of the century.

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I hope you didn't miss Krusty's attempt at negotiation.

"Um, we were... err, wondering, how would you feel about an offer of (*cowers*) £660k?"

This is on an asking price of £675k you understand.

Saw the final 15 minutes of that last week. Never seen any of the Location shows before but was convinced it was a re-run of a Spring 2007 show at first. Then found out it was all happening mid 2010. Allsopp was sounded so pitiful when putting in the offer, a mere £15K under the valuation. The house wasn't actively on the market, they'd just found someone who might take an offer. Then when the seller accepted she made it all about her for the next 30 seconds. 'I'm so proud. I'm so happy. That's a really good deal I've just done.' Nothing towards the couple who should be the happy ones buying, sat opposite her. Voiceover later said the couple got it for £640,000 because it required some updating or repairs.

The couple didn't deserve any special treatment anyway. Having agreed to buy a family home at the top of their budget they then have Kirstie and Phil go searching to get them an investment flat. Phil with his 'all about the maths' and stacking up. Both Phil and the couple all about capital appreciation and no mention of values dropping. I wanted them to buy an investment flat but they wisely decided they'd be dangerously pushing their finances too much.

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Phil's company would have taken a % of sale price of properties he found for people ... Which explains why they are both p*ss poor negotiators. It's not in their interests to get a good deal for their client.

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I don't know who would be stupid enough to take investment advice from him

http://www.dailymail.co.uk/news/article-1147582/Location-Location-host-Phil-Spencers-property-firm-goes-bust.html

Property expert Phil Spencer's homefinding business has finally gone bust.

The presenter of Channel 4's Location, Location, Location had put his own money into Garrington Home Finders in a bid to save it.

But all ten members of staff at the Chelsea-based company have now been laid off and the firm has gone into administration.

The property slump forced the guru to scale down his business empire last year and less than 12 months after its glitzy launch, Garrington closed its Cheshire office in November.

But more cuts were forecast by the London-based business, a firm used by stars such as Kylie Minogue and Keira Knightley.

Two weeks ago a worker lost his job and was told to claim state redundancy and the presenter admitted he had been personally paying staff for the past six months.

It was believed that Garrington, of which Spencer, 39, is founder and director, was in talks with administrator MCR, which handled the collapse of MFI.

The company helps clients find a new home and assists them with the buying process, as Spencer and co-presenter Kirstie Allsopp do on their Channel 4 show.

Mr Spencer admitted the crunch had hit Garrington like any other property company.

He said: 'The correction in the housing market continues to unfold with unprecedented speed.

'Nobody can know how long this is all going to take to turn around and we should be highly speculative of anyone who claims to be able to do so.'

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I had to turn it off after about ten minutes. The bit that annoyed me most was when they said something like "They're currently renting so until they buy a house their life in London can't begin.". Yes that's right, its impossible to have a life in rented accommodation.

I'd like to see a show called "Rent, Rent, Rent" that follows a couple living in increasingly plush rented houses and shows them wining and dining in fancy restaurants whilst their landlord fixes their boiler. Then they could have a scene where they want their kid to go to a good school on the other side of town, and they simply move house. Then maybe a scene where they decide it would be nice to live near the sea, so they move there for 6 months.

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Saw the final 15 minutes of that last week. Never seen any of the Location shows before but was convinced it was a re-run of a Spring 2007 show at first. Then found out it was all happening mid 2010. Allsopp was sounded so pitiful when putting in the offer, a mere £15K under the valuation.

Didn't see it, so don't know the location, but around here at least (SW London) there was a pretty hefty bounce in spring/early summer last year.

I was looking at the time and every other time I phoned about a property an EA told me in that smug tone that it was already under offer. Although I was hoping and half expecting that the two or 3 I was really interested in would fall through, they didn't. Subsequent houseprice checks showed that they sold for only a bit less than AP. :(

So although I loathe Krusty as much as anyone, and have zero sympathy for any buyer so pathetically desperate to be on telly, I can see that the market might not have been very negotiable at the time.

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I had to turn it off after about ten minutes. The bit that annoyed me most was when they said something like "They're currently renting so until they buy a house their life in London can't begin.". Yes that's right, its impossible to have a life in rented accommodation.

I'd like to see a show called "Rent, Rent, Rent" that follows a couple living in increasingly plush rented houses and shows them wining and dining in fancy restaurants whilst their landlord fixes their boiler. Then they could have a scene where they want their kid to go to a good school on the other side of town, and they simply move house. Then maybe a scene where they decide it would be nice to live near the sea, so they move there for 6 months.

OK, but you'd have to balance it with a scene showing kid begging for a kitten/puppy, and the parents having to say sorry, you can't have one, it's against the rules. Plus another showing them all nicely settled in to lovely house near the good school - and the owners then unexpectedly returning from Abu Dhabi and wanting them out when contract comes up in 2 months.

Not forgetting a mention of the removals bill for a whole houseful of stuff, not to mention the colossal hassle of packing/unpacking it all yourself, or another big bill from the packers.

I've said it before on here, but renting suits a lot of people just fine at certain times in their lives. For others, and at other times, it doesn't.

BTW I can't help wondering how many times you've 'simply' moved house. Even if you're single with a lot less stuff than average, it's still almost invariably a time-consuming royal pain in the a*se.

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I had to turn it off after about ten minutes. The bit that annoyed me most was when they said something like "They're currently renting so until they buy a house their life in London can't begin.". Yes that's right, its impossible to have a life in rented accommodation.

He said that? :angry: Cheeky fecker! :(

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OK, but you'd have to balance it with a scene showing kid begging for a kitten/puppy, and the parents having to say sorry, you can't have one, it's against the rules. Plus another showing them all nicely settled in to lovely house near the good school - and the owners then unexpectedly returning from Abu Dhabi and wanting them out when contract comes up in 2 months.

Not forgetting a mention of the removals bill for a whole houseful of stuff, not to mention the colossal hassle of packing/unpacking it all yourself, or another big bill from the packers.

I've said it before on here, but renting suits a lot of people just fine at certain times in their lives. For others, and at other times, it doesn't.

BTW I can't help wondering how many times you've 'simply' moved house. Even if you're single with a lot less stuff than average, it's still almost invariably a time-consuming royal pain in the a*se.

Agreed that why the rental laws need reviewing. 3 year minimum tenancy.

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I had to turn it off after about ten minutes. The bit that annoyed me most was when they said something like "They're currently renting so until they buy a house their life in London can't begin.". Yes that's right, its impossible to have a life in rented accommodation.

I'd like to see a show called "Rent, Rent, Rent" that follows a couple living in increasingly plush rented houses and shows them wining and dining in fancy restaurants whilst their landlord fixes their boiler. Then they could have a scene where they want their kid to go to a good school on the other side of town, and they simply move house. Then maybe a scene where they decide it would be nice to live near the sea, so they move there for 6 months.

Then we can show them in 25 years, when everyone else has paid their mortgage, and they are still renting....

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Ah, you mean it would have to be a balanced program showing the problems with renting and the potential pitfalls, and not making out life is always perfect. Just like the way Kirstie is always pointing out that investment properties can sometimes go down in value?

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Then we can show them in 25 years, when everyone else has paid their mortgage, and they are still renting....

Err no.

25yrs from now the renter will pick up a distressed property for a decent price from those that have taken out 25-30yr I/O mortgages and have no way of paying back the capital.

PS. If "everyone else" paid their mortgages there's be no need for auctions.

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I used to hate him, but now I'm no so sure. I've got more honest with myself recently, and I realised I just said I hated him because he had lots of money. This might be a fun reason to hate someone, but it is not a rational reason. I tried to justify it on the grounds that his advice has probably bankrupted dozens of people - but don't know that, do I? Houses have basically retained their value in UK and Australia all the way through the "GFC", even if we accept a 10% slip, that's hardly the crime of the century.

I despise him as he had a p*ss poor business model that did well for no other reason than generational luck and a corrupt government, that at any other period of history would have failed within 5 years, leaving him an anonymous bankrupt

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I hope you didn't miss Krusty's attempt at negotiation.

"Um, we were... err, wondering, how would you feel about an offer of (*cowers*) £660k?"

This is on an asking price of £675k you understand.

They need to get the antiques roadtrip people on - they always seem to be able to negotiate a discount of 50%+ on all the things they buy.

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Then we can show them in 25 years, when everyone else has paid their mortgage, and they are still renting....

we can keep showing the Mortgagees every 2-3 years and seeing the confusion on their face whens its explained that the 100% interest only mortgage ONLY pays the interest, and that even though their house has dropped in price, and they are paying £800pm mortgage, they still have top pay the asking price, then we can see them begging their bosses not to make them redundant, and the wife having to stand on street corners "doing trick" to help pay for the electricity bill. then a voice over says " interest only.....its only effectivly renting with ALL the risk"

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we can keep showing the Mortgagees every 2-3 years and seeing the confusion on their face whens its explained that the 100% interest only mortgage ONLY pays the interest, and that even though their house has dropped in price, and they are paying £800pm mortgage, they still have top pay the asking price, then we can see them begging their bosses not to make them redundant, and the wife having to stand on street corners "doing trick" to help pay for the electricity bill. then a voice over says " interest only.....its only effectivly renting with ALL the risk"

Doubt if anyone is confused, most people have perfectly reasonable capital repayment mortgages on their own property.

I know it might be nice for some renters to wish people with mortgages are suffering, but the truth is most are not suffering, and will not suffer from having a mortgage, and will end up better at the end of it than if they had rented.

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  • 312 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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