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Ea Gone Bust In Town

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Been to look at a property. The legal packs have just come in. An ex- EA in town, who went bust last year, his portfolio is up for auction. 10 of his ex-properties have gone to the receiver. How unlucky can you get...

http://www.auctionhouse.uk.net/northlincs/search-results.aspx

Where does luck come in ?

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How cheap are those houses? I'm moving to Gainsborough!

£75,000 - £90,000

For a semi

£35,000 - £40,000

For a terrace

'kinell - like HPI never happened.

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How cheap are those houses? I'm moving to Gainsborough!

£75,000 - £90,000

For a semi

£35,000 - £40,000

For a terrace

'kinell - like HPI never happened.

"Guide" Prices so double and quadruple those. :lol:

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"Guide" Prices so double and quadruple those. :lol:

Lot 1 to 3, from the docs, appear to be estate sales (deceased).

Lot 4 appears to be the first entry in the catalogue for a former property-investor/landlord/ property-businesses individual, with LPA Receivers ect involved.

http://www.london-gazette.co.uk/issues/60304/notices/1692586/all=DAVID+HARVEY+LONGSTAFF

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This is an important mile stone. So here we have a pro, with insider information, who basically lives and breaths property who is bust.

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How cheap are those houses? I'm moving to Gainsborough!

£75,000 - £90,000

For a semi

£35,000 - £40,000

For a terrace

'kinell - like HPI never happened.

Nice countryside Frank, but you will need a job, unless you can "work from home" :blink:

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I grew up in gainsborough and live about a half hour away now as I have family there.

It's rough and there are few jobs most of which are min wage types.

Historically quite important with regards to the industrial revolution and also for Marshalls engineering (tractors and stuff) all of which closed finally in the 80s I think.

The only people with money here are the doctors and lawyers.

Mill on the Floss was here just up on the town outskirts at Morton which is a village that has become conurbated with gainsborough.

First and foremost it's a shithole though make no mistake. Cheap for a reason.

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Assuming hte orignal poster is correct - and I have no reasons to doubt time - EA going nuts this property cycle is pretty common. They really believed their own BS this time.

I don't remember EAs taking on so much extra property during the last uptick - 85-91ish.

But then mortgage did not exist for BTL type investments, expescially not at the leverage seen this time > 90% LTV

Bets you could get would have been a business loan on about 30% LTV.

Anyhow, back to the point.

Friends has worked for years at a local posh EA (arn't they all?).

The partners, 4 or 5, ages from mid-40s to mids-60s are all beyond nuts deep this time.

Average is rtheir own residential, 2 BTLs (one has 5) and a holiday house.

BTLs are post 2005-ish.

Talk about leverage and eggs in one basket.

They've got the eggs, the chickens, the hen house and farm in a single basket.

Of course, it goes without saying the EA business is swallowing cash.

Has been for the last 5 years.

No money for partners.

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I saw a detached house on RM in gainsborough at £18k a couple of weeks back. It was a standalone terrace type design, but still detached...

Not got a good reputation, Gainsborough. Probably like Scunthorpe but not as many opportunities :blink:

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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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