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Executive Sadman

Homes Under The Hammer Today

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http://www.bbc.co.uk/programmes/b006v5kb

house in Ramsgate

lot 40

http://www.cliveemson.co.uk/past_results_display.asp?Auc=141

Spent £130k at auction, another £25k tarting it up.

Agents said £175k, which incidentally is the 2007 peak for that street. Pwoperty developers think £190-200k, saying stuff sold for that (not according to past sales prices it hasnt, highest since peak £145k on that street) still up at £175k

http://www.rightmove.co.uk/house-value.html?searchLocation=CT11+0LY&displayPropertyType=semidetachedhouses&bedrooms=3&radius=0.0&sellersPriceGuide=Update+results

Just like most on HUTH they jack in jobs to enter the Brown Housing bubble economy...

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Just like most on HUTH they jack in jobs to enter the Brown Housing bubble economy...

Why work for a living when you can buy and sell piles of bricks with other peoples money and make huge gains?

Houses only ever go up, and should they not the Chancellor and BoE will do their utmost to rig the game such that they do.

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Loving that show. Watch it about twice a month.

House in a depressed northern former mining town with a garden collapsing into an old coalmine?

New build cardboard flat in a satelite town of London with a damp problem?

A house in Cornwall (non brick) constructed from cast concrete and impossible to get a mortgage on?

A shabby terrace house in the **** end of SE London bang next to a condemned sprawling estate and maybe just maybe in year 2018 a crossrail station might open in the area subject to available funding?

All the above no problem in HUTH world 'cos when we revisit the sold at auction property a month/2 months/ a year later the value has rocketed and the retired policeman/ former teacher/ IT geek etc wants to repeat the entire process all over again + "make" a career outta developing.

Rock on Martin and Lucy!

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Watched it the other day and in two of three stories the presenters harped on about being careful not to overpsend on renovations because there was a limit to the prices of similar property. Have never ever heard them say anything like that, let alone twice.

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Re: Today's house purchase in Stratford, London.

The 2 developers wanted to turn the house into 2 flats, which they were unable to get planning permission on. Just as well really as the Estate Agent who looked around the property pre renovation said that it should be kept as one house as so many apartment blocks were sprouting up everywhere.

I think the council have actually done the developers a favour by refusing PP in an area swamped with flats.

Attention Pwoperdee Developers - Not EVERONE aspires to apartment living. :rolleyes:

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My favourite thing about HUTH is people painting and decorating a house for the first time giving up their jobs and calling themselves property developers.

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My favourite thing about HUTH is people painting and decorating a house for the first time giving up their jobs and calling themselves property developers.

I did that once blink.gif

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Here we have another example that is still up for sale, and was shown on yesterday's HUTH.

http://www.rightmove.co.uk/property-for-sale/property-32952896.html

This couple bought from auction in Sept 2010, paying £56,000 for it, and intended to renovate and sell on.

They said they planned to spend the "bare minimum", on it, and then put it back on the market, aiming to turn it round within 12 weeks.

When HUTH revisited, 4 months later, the commentator said the finish was impressive.

Their total spend was £7,500, plus the £56,000 they paid, making a total spend of £63,500.

We are told their prospective profit will be £26,500, when the agents value it at an asking price of £90,000.

The couple were very pleased with the results and said they would certainly go back through the auctions to find something to "do up" again.

Another "happy ever after" tale from HUTH? :rolleyes:

and of course, the only problem being, that no-one has bought the property yet. :rolleyes:

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http://www.bbc.co.uk/programmes/b006v5kb

house in Ramsgate

lot 40

http://www.cliveemson.co.uk/past_results_display.asp?Auc=141

Spent £130k at auction, another £25k tarting it up.

Agents said £175k, which incidentally is the 2007 peak for that street. Pwoperty developers think £190-200k,

I live near Ramsgate, they will be lucky to get their £155,000 back.

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Here we have another example that is still up for sale, and was shown on yesterday's HUTH.

http://www.rightmove...y-32952896.html

This couple bought from auction in Sept 2010, paying £56,000 for it, and intended to renovate and sell on.

They said they planned to spend the "bare minimum", on it, and then put it back on the market, aiming to turn it round within 12 weeks.

When HUTH revisited, 4 months later, the commentator said the finish was impressive.

Their total spend was £7,500, plus the £56,000 they paid, making a total spend of £63,500.

We are told their prospective profit will be £26,500, when the agents value it at an asking price of £90,000.

The couple were very pleased with the results and said they would certainly go back through the auctions to find something to "do up" again.

Another "happy ever after" tale from HUTH? :rolleyes:

and of course, the only problem being, that no-one has bought the property yet. :rolleyes:

Herein lies the weakness of the show and probably why it grates us here so much. At the end of the programme it would be great to supply a one or two sentence update on what has happened to the properties featured since the show was made. This would no doubt put a lot more people off the idea in the first place, which is of course why they will never do it.

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Here we have another example that is still up for sale, and was shown on yesterday's HUTH.

http://www.rightmove.co.uk/property-for-sale/property-32952896.html

This couple bought from auction in Sept 2010, paying £56,000 for it, and intended to renovate and sell on.

They said they planned to spend the "bare minimum", on it, and then put it back on the market, aiming to turn it round within 12 weeks.

When HUTH revisited, 4 months later, the commentator said the finish was impressive.

Their total spend was £7,500, plus the £56,000 they paid, making a total spend of £63,500.

We are told their prospective profit will be £26,500, when the agents value it at an asking price of £90,000.

The couple were very pleased with the results and said they would certainly go back through the auctions to find something to "do up" again.

Another "happy ever after" tale from HUTH? :rolleyes:

and of course, the only problem being, that no-one has bought the property yet. :rolleyes:

Good find! I've just watched that episode on iPlayer.

Thing is, the auction buy at £56k was perfectly reasonable (I wouldn't have gone beyond £55k myself) and the £7500 to make improvements not too OTT either (perhaps limiting it to £5k would have been more sensible)... it's their stupid greed that's the problem here. An asking price of £92.5k!!! Why?! Do they realise that they will simply not sell at anywhere near that price? There's no money in the area.

Lower the asking price to £80k and accept an offer of £73k-75k. They'd still be £10k up FFS. And it would sell.

"Time is money" clearly is something too complex for them to grasp the actual meaning of. Sell, move on... no sale, no moving on... not rocket science is it?!! :rolleyes:

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It just seemed a bit strange, is all.

They said they bought it 'cos it was cheap' suggesting they dont have millions to spunk on the property market

They both gave up 'good jobs'

A year later, even assuming they get full asking, thats £20k (before any legals, agency fees, oppurtunity cost vs savings)

So thats at the very most £10k a year in salary the property market is earning them each. They wanted to sell to do it again suggesting they dont have lots of spare capital. Thats below minimum wage money.

Pure idiocy.

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http://www.bbc.co.uk/programmes/b006v5kb

house in Ramsgate

lot 40

http://www.cliveemson.co.uk/past_results_display.asp?Auc=141

Spent £130k at auction, another £25k tarting it up.

Agents said £175k, which incidentally is the 2007 peak for that street. Pwoperty developers think £190-200k, saying stuff sold for that (not according to past sales prices it hasnt, highest since peak £145k on that street) still up at £175k

http://www.rightmove.co.uk/house-value.html?searchLocation=CT11+0LY&displayPropertyType=semidetachedhouses&bedrooms=3&radius=0.0&sellersPriceGuide=Update+results

Just like most on HUTH they jack in jobs to enter the Brown Housing bubble economy...

Caught this today. Two former comprehensive school art teachers who had given up their jobs to become property developers purely to make money so that they could realise their dream of making art. Bought at auction for £130k with a budget of £20k to renovate.

This was their first attempt and they hoped that they'd make ten to twenty thousand pounds profit. They say they weren't really bothered about making a huge profit as this was a 'first step' so long as they didn't 'lose money' and that the money from the sale would be put forward towards their next venture.

£5k over budget at the revisit and they hadn't even finished. Timescale for refurbishment was 6 months (what's the average wage for a comprehensive schoolteacher for 12 months? was that factored in?)

Looks like they'll be trawling the pages of the TES soon looking for teaching vacancies, boo hoo!

Ho hum

Edited by redmen9

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Herein lies the weakness of the show and probably why it grates us here so much. At the end of the programme it would be great to supply a one or two sentence update on what has happened to the properties featured since the show was made. This would no doubt put a lot more people off the idea in the first place, which is of course why they will never do it.

Exactly, its like 'Cash in the attic' ending as soon as the blokes done his valuations. :angry:

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http://www.bbc.co.uk/programmes/b006v5kb

house in Ramsgate

lot 40

http://www.cliveemson.co.uk/past_results_display.asp?Auc=141

Spent £130k at auction, another £25k tarting it up.

Agents said £175k, which incidentally is the 2007 peak for that street. Pwoperty developers think £190-200k, saying stuff sold for that (not according to past sales prices it hasnt, highest since peak £145k on that street) still up at £175k

http://www.rightmove.co.uk/house-value.html?searchLocation=CT11+0LY&displayPropertyType=semidetachedhouses&bedrooms=3&radius=0.0&sellersPriceGuide=Update+results

Just like most on HUTH they jack in jobs to enter the Brown Housing bubble economy...

Horrible kitchen. No idea about colours that 'go'.

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Here we have another example that is still up for sale, and was shown on yesterday's HUTH.

http://www.rightmove.co.uk/property-for-sale/property-32952896.html

This couple bought from auction in Sept 2010, paying £56,000 for it, and intended to renovate and sell on.

They said they planned to spend the "bare minimum", on it, and then put it back on the market, aiming to turn it round within 12 weeks.

When HUTH revisited, 4 months later, the commentator said the finish was impressive.

Their total spend was £7,500, plus the £56,000 they paid, making a total spend of £63,500.

We are told their prospective profit will be £26,500, when the agents value it at an asking price of £90,000.

The couple were very pleased with the results and said they would certainly go back through the auctions to find something to "do up" again.

Another "happy ever after" tale from HUTH? :rolleyes:

and of course, the only problem being, that no-one has bought the property yet. :rolleyes:

Having lived in County Durham and quite familiar with the area they have no chance of getting £90k odd for that two bed in Seaham

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I did that once blink.gif

No! You are kidding? :)

I am just about to complete two Victorian flats, total strip down and rebuild, another two to go, not for profit for my HA with a large budget, and I would not call myself a property developer.

I met a lovely bloke who spent two years doing up some houses and got out in 2007 (timing), he would not refer to himself, ever, as a property developer. He just fixed a couple of houses up while he waited to restart his career...

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Herein lies the weakness of the show and probably why it grates us here so much. At the end of the programme it would be great to supply a one or two sentence update on what has happened to the properties featured since the show was made. This would no doubt put a lot more people off the idea in the first place, which is of course why they will never do it.

Yes I agree and I'd also like to see proper costings.

A purchase price of £63500 and an asking price of £90000 is never going to give a profit of £26500.

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Lower the asking price to £80k and accept an offer of £73k-75k. They'd still be £10k up FFS. And it would sell.

"Time is money" clearly is something too complex for them to grasp the actual meaning of. Sell, move on... no sale, no moving on... not rocket science is it?!! :rolleyes:

Exactly.

These so called "property developers", like many other sellers at the moment, get carried away with their own greed, reflected in high asking prices, they could never hope to achieve currently.

I can't understand why estate agents continue to take these overpriced properties onto their books, when it means the agents themselves have no hope of getting an income from these overpriced unsellable properties.

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Property Auction Scams - If you think you've been conned please read this!

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To my fellow money savers,

I've been an avid viewer of this website for a long time now, however I've never posted to it's forums, this is my first thread.

I'm not a writer, I'm not that articulate, but I will tell my story as best I can. Thank you for reading.

-----------------------------------------------------------------------------

In 2006 I invested some money in a very old property in need of renovation. The neighbour and I came to an agreement that we would demolish both the properties and sell them to a developer. 1 year down the line however, my neighbour/business partner had his house repossessed and the plan fell through.

In 2011 after a several failed attempts to sell the property privately, I decided to try and sell the property with a local auction house.

They decided to market the property at £85000, this was a bit of a drop on what I had paid for it however, this was not a problem as it was a sign of the times. I set my reserve at £85000.

2 viewings were arranged for Day 1 and 1 viewing for Day 2.

Day 1, the first viewer arrived and after looking round was very pleased with the property and was keen to see what I would accept for the property. I said I would accept £85000. Nothing more was said.

Later that day, viewing 2 was cancelled.

Day 2, the viewing was cancelled.

3 Days later, an offer came through for £75000. The auction company said they hadn't viewed the property. I questioned this, "how can someone make an offer but not see the property". They replied, "he said he's seen it before".

That same day, I received an email from the auction company recommending that I refuse the offer. So I did.

3 Days later, I received an email from the auction company, as there's been no interest in your property, we recommend you reduce the reserve to £75000. I wasn't too keen as I didn't want to accept £75000. But they assured me that this would encourage bidding. (I wondered how this would encourage bidding as the property was listed at £85000+). Reluctantly, I agreed.

The day of the auction arrived.

BBC's Homes under the Hammer were filming at the auction that day.

I noticed the man who viewed the property in the auction house.

My lot came up, no one was bidding at all. So the auctioneer dropped the start price to £50000 and started to take "phantom bids" from around the room. The man who looked at my property started to bid. Looking round the room I did NOT notice anyone but the man who viewed the house bidding. The property reached £75000 and all the "phantom bidding" stopped and the auctioneer put down the gavel. The one viewer of my property had won the auction at £75000.

I wasn't happy. But I had to accept it.

-----------------------------------------------------------------------------

BBC's "Homes under the Hammer" were filming at the auction that day.

If you're not familiar with Homes under the Hammer.

They visit the property before the auction.

See who buys it at auction and interview them.

They revisit at a later date to see any changes made.

They then have the property revalue by 2 local estate agents.

I noticed that the person who had won the auction was filmed, and was signing a contract with the crew.

Several days after the auction, before completion, I received an email from the auction house requesting my permission to allow "Homes under the Hammer" into my property, along with one of their surveyors.

I agreed to allow them in, on the condition that as it was beneficial to the auction house with the free publicity, I thought it only fair that they waive their fees. Obviously, they declined saying "Homes under the Hammer do not in any way promote the estate agents".

Not wanting to settle for that, I decided to look on BBC iPlayer for a recent episode to take a screen capture of the auctioneers and the estate agents getting their businesses advertised.

I found the episode that had been shown earlier that day and paused the player on the very first person it showed. To my surprise, it was the very same person who had bought my property. The winner of the auction was was the owner of another local estate agent/auctioneer.

This set off alarm bells!

I watched the rest of that episode, only no see that the two local estate agents who went to view the property at a later date were my auctioneer and the winning bidder.

-----------------------------------------------------------------------------

I contacted the auctioneer and asked them to tell me who made the offer of £75000 before the auction. They telephoned me back and said it was a different name, but it was the same details of the person who actually bought the property.

-----------------------------------------------------------------------------

What. A. Con. - I looked into scams that estate agents pull.

These are legitimate links, NOT spam.

"telegraph.co.uk/property/propertyadvice/propertymarket/3293652/Spot-the-scam-behind-the-smile.html"

"news.bbc.co.uk/1/hi/magazine/4826444.stm"

1. Accepting a back hander to "Ring Fence" a property - Basically, telling potential viewers, "it's gone" or "it's under offer" or "it's got dry rot" or any lie they can think of to dissuade a possible buyer from going any further.

2. Not Declaring an Interest - If an estate agent, or a friend/partner/family member/ colleague is interested in YOUR property and they try to get it themselves, as cheap as they can without your knowledge.

------------------------------------------------------------------------------

I want to expose these companies and I want to make it known that this kind of thing goes on and will NOT be tolerated.

Tell me YOUR story, has this or anything like this happened to you or your friend/family? Reply to this topic, or private message me and include the Estate Agent/Auctioneer name.

If you live in the Manchester Area, I ESPECIALLY want to hear from you.

Thanks for reading.

Long Live the King of Savings!

http://forums.moneysavingexpert.com/showthread.php?t=3238776

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Yes I agree and I'd also like to see proper costings.

A purchase price of £63500 and an asking price of £90000 is never going to give a profit of £26500.

There was one a couple of weeks ago where the guy spent a total of 875K and the EA said it would sell for 925K.

Martin announced that he had made 50K profit. Um, No Martin he will be giving 25K of that to the EA as commission and the rest will disappear in financing costs (as few people have a spare 900K sitting around in a 0% interest account).

To be fair the "developer" realised this and said that he was disappointed with the way that things had turned out (I can't remember what his mistake was, but he did acknowledge making one).

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http://www.bbc.co.uk/programmes/b006v5kb

house in Ramsgate

lot 40

http://www.cliveemson.co.uk/past_results_display.asp?Auc=141

Spent £130k at auction, another £25k tarting it up.

Agents said £175k, which incidentally is the 2007 peak for that street. Pwoperty developers think £190-200k, saying stuff sold for that (not according to past sales prices it hasnt, highest since peak £145k on that street) still up at £175k

http://www.rightmove.co.uk/house-value.html?searchLocation=CT11+0LY&displayPropertyType=semidetachedhouses&bedrooms=3&radius=0.0&sellersPriceGuide=Update+results

Just like most on HUTH they jack in jobs to enter the Brown Housing bubble economy...

They will have to follow prices down eventually, on my area rightmove there are propertys which have been on the market since 2008 and have been reduced and are still unsold.

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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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