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Businessman Buys All 29 Flats, Homebuyers Say They Missed Out

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We've missed out say home hunters

http://www.miltonkeynestoday.co.uk/ViewArt...ticleID=1217427

FURIOUS would-be first time buyers queued to get their feet on the property ladder – only to find that most of the sought-after flats had been sold before the advertised release date.

Unicoin Homes Group, which offered incentives to attract first time buyers to the development in Netherfield, had just one property left for the first phase of 29 flats on the advertised release date of October 6 at 10am.

The firm had offered buyers a five per cent deposit and £1,000 towards legal fees.

So eager home-hunters, some of whom had queued from 7am to snap up the apartments, which started at £105,000, were heartbroken when they got the news.

And their anger was heightened when they were told one businessman had bought 29 out of 58 properties on the whole

Vision 8 development in Buckland Drive, off the V8 Marlborough Street.

Others had been sold to individual buyers

"I phoned Connells at 8am on the morning and they told me to be there for 10am, they knew nothing of this," said Corinne Allan, of Wolverton, who was helping her son.

"Unicoin said they had some left on the next phase, but I was told the prices on that block would start at £115,000. That's £10,000 more and my son, like many others, can't afford that.

"All those young people were there to get an apartment and the dream was taken away from them."

Sales director Adrian Bond admits there was a lot of interest in the development, but says that the businessman's offer for 29 of them was too good to refuse.

He added: "I was back and fro, putting the sales office

together and people wanted to meet me. I would say come Thursday and they would want to meet then.

"When here they would say we will give you a cheque now."

A Connells spokeswoman said: "Connells were told by Unicoin Homes that the properties at Vision 8 would be released for sale to the public at 10 am on Thursday October 6 and we passed on this information to prospective purchasers."

lee.macgregor@mkcitizen.co.uk

This worried me because it looks like the desparation to get a house is still there here and also makes me wonder what BTL investor would buy all 29 flats today!?

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Guest The Dude

Don't worry about it. You have probably been very lucky NOT buying any of these overpriced shoeboxes.

Edited by The Dude

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This worried me because it looks like the desparation to get a house is still there here and also makes me wonder what BTL investor would buy all 29 flats today!?

What a ******ing scandal. Just goes to show how the BTLs and developers are the bestest of bum chums.

Still, in a few years I'm hoping that it will be the prudent FTBs of today who'll be having the last laugh.

Edited by Warwickshire Lad

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What a ******ing scandal. Just goes to show how the BTLs and developers are the bestest of bum chums.

Still, in a few years I'm hoping that it will be the prudent FTBs of today who'll be having the last laugh.

What's scandalous about it? Of course a developer would prefer to sell 29 flats at once rather than spend lots of time and money flogging them to the public. And of course anyone who is in a position to buy 29 flats is going to get first call on them. Anything else would be silly.

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Guest pioneer31

What's scandalous about it? Of course a developer would prefer to sell 29 flats at once rather than spend lots of time and money flogging them to the public. And of course anyone who is in a position to buy 29 flats is going to get first call on them. Anything else would be silly.

Housing is a LIMITED resource, but then we must remember that in the selling game, there are no morals or scruples.

The attitude of zorn I find worrying. It's an attitude which puts profit above everything else. Just another reason why housing should be regulated properly in the UK.

We could take this point of view one step further and say:

"Of course a salesman will target a poor old woman (who is easy to convince/intimidate) rather than spend ages trying to sell to younger, more on-the-ball clients"

This worried me because it looks like the desparation to get a house is still there here and also makes me wonder what BTL investor would buy all 29 flats today!?

A BTL investor who still hasn't grasped what's going on.

I hope he enjoys watching his 29 properties slowly but steadily lose their value. It'll be god's way of teaching him not to be a greedy little b***ard.

Edited by pioneer31

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Guest prudence

What a ******ing scandal. Just goes to show how the BTLs and developers are the bestest of bum chums.

Still, in a few years I'm hoping that it will be the prudent FTBs of today who'll be having the last laugh.

Of course it's not scandalous; it's business........

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Of course it's not scandalous; it's business........

Maybe business, repercussions could depend on what basis original planning permission was granted, local planning comittee could be getting it in the neck for a start.

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Just a thought, perhaps one businessman man did not buy 29 flats, perhaps it`s a marketing scam in order to create a feeding frenzy on what is left? Agent: "we`ll take your number and if one does become available we`ll let you know"

2 weeks later, unit by unit, 29 become available, snapped up due to fear of missing out for the second time.

If it is true not surprising really, still a lot of mug money in buying clubs. If one guy did in fact buy 29 it presumably will not be at full asking price. Also if each unit is on average 100K, IO mortgage after 5% deposit with 2 year introductory low rate would be what, approx. £400 pcm, rental value 500 pcm?

Edited by Converted Lurker

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Guest prudence

Maybe business, repercussions could depend on what basis original planning permission was granted, local planning comittee could be getting it in the neck for a start.

they may have had to build some "social" housing but I am sure that the units that were sold would have been available to anyone willing to pay the developer's price. The developer has every right to decide to whom he sells and at what price.

Housing is a LIMITED resource, but then we must remember that in the selling game, there are no morals or scruples.

The attitude of zorn I find worrying. It's an attitude which puts profit above everything else. Just another reason why housing should be regulated properly in the UK.

We could take this point of view one step further and say:

"Of course a salesman will target a poor old woman (who is easy to convince/intimidate) rather than spend ages trying to sell to younger, more on-the-ball clients"

A BTL investor who still hasn't grasped what's going on.

I hope he enjoys watching his 29 properties slowly but steadily lose their value. It'll be god's way of teaching him not to be a greedy little b***ard.

what do you mean by regulated? Do you want housing to ber nationalised?

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I've checked this story out and -

(1) The speculator goon bought so many properties as he felt they were 'well priced' for the area - even though the area has traditionally had a pretty bad reputation, it is improving a bit. And letting prospects are not bad because of the proximity of a/some major public sector employer(s).

(2) The developers are going to provide a %age of the development to local housing associations as social housing (seem to remember it was around 30% of the units, but my memory's a bit fuzzy on this). That was a planning permission condition.

Under the planning permission conditions, the non-social part of the development cannot be occupied until the social housing has been released to the housing associations - please let me know if the the non-social housing is being occupied already - I'll pass that info on to my very good contacts in the Milton Keynes area and it'll cause a massive headache for Unicoin as they will have breached the conditions they are obliged to meet.

A Council source has also informed me that they found the situation facing FTBs on this development 'unfair'

Another thing - a source has informed me that the investor reduced the number of units he was buying on the development because of the hostility surrounding his investment.

Edited by gruffydd

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What's scandalous about it? Of course a developer would prefer to sell 29 flats at once rather than spend lots of time and money flogging them to the public. And of course anyone who is in a position to buy 29 flats is going to get first call on them. Anything else would be silly.

They said they had 29 flats. When in truth they had 1.

We've missed out say home hunters

http://www.miltonkeynestoday.co.uk/ViewArt...ticleID=1217427

FURIOUS would-be first time buyers queued to get their feet on the property ladder – only to find that most of the sought-after flats had been sold before the advertised release date.

Unicoin Homes Group, which offered incentives to attract first time buyers to the development in Netherfield, had just one property left for the first phase of 29 flats on the advertised release date of October 6 at 10am.

That said, this busness man did them a favor, they just don't know it yet.

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dont worry about this BTL businessman.

just remember all this at polling day.

and spoil your paper.

if you cant buy a home with a job

-throw your job. use benifits. then when re-housed.

get a job again.

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Why are houses and only houses "snapped up"? Does this turn of phrase annoy anyone else? Where did it originate from? To me to snap something up implies to make a rash quick decision. Why would anybody do that with the biggest puyrchase of their lives? :unsure:

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Local Builder in Aberdeen Stewert Milne did exactly the same with a "prestige Millionaires development" where all three of the 750k houses were snapped up before they hit the market. This was trumpeted on the front page of the local rag as a glowing testimony that Aberdeen had such high price boxes for sale.

Trouble is though that he bough them himself and at least three of them have been sold the 'first' time again, with yet more fan fare of how good it is to have such expensive houses for sale.

Marketing ruse, nothing more, nothing less.

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if you cant buy a home with a job

-throw your job. use benifits. then when re-housed.

get a job again.

I think this will be happening again very soon. During the Tory period many people realised they were better off on benefits than in work.

Despite GB and TB's policies of Tax credits, chid care help and in work benefits we will soon reach this stage again.

If you force professional people with a good income to live on council estates (because that is all they can afford to buy) you will find some people who suddenly realise they are working their a@sr off for what their neighbours are getting for free.....what would you do?

I have got nothing against council estates, many people who live on these are hard working people (yes I know..and some of the lowest form of life)..but if a solicitor, a doctor or a teacher can only afford the same standard of living as a single, out of work parent, or a check out girl at Tesco then where is the incentive to work hard and better yourself.

There isn't one.

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It shows that houses are in huge demand even now and any bargain will be immediately snapped up. No crash in sight IMHO.

Why do you use that daft acronym 'IMHO'? Are there times when your opinion is not honest? Is there an implication that people who do not use that daft acronym are being dishonest?

It doesn't add any weight to your argument.

Someone buying up 29 flats shows:

That someone believes there is still money to be made from property and they, by buying up 29 flats, no doubt negotiated a handsome discount to protect themselves against downward movements in price.

That there is a huge demand for flats aimed at the FTB market - if they are anywhere near 'affordable'.

I don't know the development or the area - but did someone mention 100k - not too wild for a flat these days and probably just about making sense as a BTL. However, these shoe-boxes will be unsaleable when the market corrects because FTBs will then leapfrog them. In the last crash you could not sell studio and 1 bed flats for love nor money.

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Why do you use that daft acronym 'IMHO'? Are there times when your opinion is not honest? Is there an implication that people who do not use that daft acronym are being dishonest?

It doesn't add any weight to your argument.

The H stands for humble, not honest.

http://www.netdictionary.com/i.html

"IMHO -- Abbreviation for In My Humble Opinion."

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I think this will be happening again very soon. During the Tory period many people realised they were better off on benefits than in work.

its happening now.

Despite GB and TB's policies of Tax credits, chid care help and in work benefits we will soon reach this stage again.

fairly crap benefits. tax credit is tricky and very long winded to claim for your average single mum.

If you force professional people with a good income to live on council estates (because that is all they can afford to buy) you will find some people who suddenly realise they are working their a@sr off for what their neighbours are getting for free.....what would you do?

I have got nothing against council estates, many people who live on these are hard working people (yes I know..and some of the lowest form of life)..but if a solicitor, a doctor or a teacher can only afford the same standard of living as a single, out of work parent, or a check out girl at Tesco then where is the incentive to work hard and better yourself.

There isn't one

plasma tv and laminated floor ?

Edited by right_freds_dead

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"If you force professional people with a good income to live on council estates (because that is all they can afford to buy) you will find some people who suddenly realise they are working their a@sr off for what their neighbours are getting for free.....what would you do?

I have got nothing against council estates, many people who live on these are hard working people (yes I know..and some of the lowest form of life)..but if a solicitor, a doctor or a teacher can only afford the same standard of living as a single, out of work parent, or a check out girl at Tesco then where is the incentive to work hard and better yourself.

There isn't one"

This is exactly why this madness needs to end. I'm no snob, but I've worked hard to better myself, earn a good salary, have a (fairly) professional job and live next to people that well....people who probably struggle reading The Sun. WTF is going on, when a professional on a good salary has to live like some benefit claiming waster! I can honestly say that it gets harder each day to drag myself out of bed and go to work, the only thing that keeps me going is that my savings are steadily growing and I hope to have 50k by next summer, but if house prices continue to rise what good will my 50k do me? If there's no crash in the next couple of years I will seriously consider living on the dole for a year or two and retraining for a more lucrative career (if you can't beat em join em). The banks, The Government and the V.I's have got a lot to answer for!

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What a ******ing scandal. Just goes to show how the BTLs and developers are the bestest of bum chums.

Still, in a few years I'm hoping that it will be the prudent FTBs of today who'll be having the last laugh.

Oh yeah. I know an EA who happily admits to taking brides from developers so that they get at the property first.

Anyone remember the warning about SIPPS from Norwich Union/Aviva on this issue?

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Why do you use that daft acronym 'IMHO'? Are there times when your opinion is not honest? Is there an implication that people who do not use that daft acronym are being dishonest?

It doesn't add any weight to your argument.

Someone buying up 29 flats shows:

That someone believes there is still money to be made from property and they, by buying up 29 flats, no doubt negotiated a handsome discount to protect themselves against downward movements in price.

That there is a huge demand for flats aimed at the FTB market - if they are anywhere near 'affordable'.

I don't know the development or the area - but did someone mention 100k - not too wild for a flat these days and probably just about making sense as a BTL. However, these shoe-boxes will be unsaleable when the market corrects because FTBs will then leapfrog them. In the last crash you could not sell studio and 1 bed flats for love nor money.

Don't get angry Marina if my opinion did not agree with yours.

Thanks Karen.

The BTL might have the money to pay for the houses; anyway, who are we to argue what he did was wrong? It is his money.

I was more interested in the sentence:

FURIOUS would-be first time buyers queued to get their feet on the property ladder

The fact that there were many queing up to buy properties :D

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  • 301 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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