long time lurking Posted July 8, 2014 Share Posted July 8, 2014 Did someone on here post this comment in the Guardian thread?; Whoever it was forgot to mention that UKAR`s sister company UKAR corporate services are the company in charge of HTB Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted July 8, 2014 Share Posted July 8, 2014 Get stuck in there investors.Fergus reckons rents for a three-bedder in Ashford are up 40% in just 15 months as the boom ripples out from London. http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/10953082/Britains-200m-buy-to-let-king-Time-to-sell.html Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 8, 2014 Share Posted July 8, 2014 (edited) It will be interesting watching this play out. Anyone on the ground there in Ashford that can keep us posted? Would be especially good to hear what affect this potential firesale is having on the sentiment of smaller BTL`ers in the area. Edited July 8, 2014 by dances with sheeple Quote Link to comment Share on other sites More sharing options...
chronyx Posted July 8, 2014 Share Posted July 8, 2014 Let's hope Fergus has more luck selling up than saddling up.... Fergus Wilson, horseracing's very own village idiot, is planning to run yet another million-to-one betting no-hoper in the Epsom Derby on June 7, 2008. http://www.epsomderbybetting.net/EpsomDerbyBettingNews/EpsomDerbyBetting_FergusWilson.htm You can just see his pompous face when he read that Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted July 8, 2014 Share Posted July 8, 2014 Get stuck in there investors. Fergus reckons rents for a three-bedder in Ashford are up 40% in just 15 months as the boom ripples out from London. http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/10953082/Britains-200m-buy-to-let-king-Time-to-sell.html Yes, on Rightmove none of the twenty-three 3 bed semis in Ashford currently listed as for rent or 'let agreed' are asking for anything over £950/month. Detached houses- 15 listed, 6 at £1,000 or more, with a max of £1,200/month. Terraced houses - 26 listed, highest asking of £925/month. It would appear that the rent quoted is pretty much not a reasonable expectation for the entire portfolio, which I think has 2 bedders as well iirc, which in general are limited to £800/month asking. Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted July 8, 2014 Share Posted July 8, 2014 Yes, on Rightmove none of the twenty-three 3 bed semis in Ashford currently listed as for rent or 'let agreed' are asking for anything over £950/month. Detached houses- 15 listed, 6 at £1,000 or more, with a max of £1,200/month. Terraced houses - 26 listed, highest asking of £925/month. It would appear that the rent quoted is pretty much not a reasonable expectation for the entire portfolio, which I think has 2 bedders as well iirc, which in general are limited to £800/month asking. Latest VOA rental stats (year to 31st March 2014) has Ashford at £832 average for 3-bed (297 properties) and £674 for 2-bed (434 properties). The previous release (year to 30th Sept 2013) has the averages as £808 and £657 respectively. http://www.voa.gov.uk/corporate/statisticalReleases/PrivateRentalMarketStatistics.html Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted July 8, 2014 Share Posted July 8, 2014 Latest VOA rental stats (year to 31st March 2014) has Ashford at £832 average for 3-bed (297 properties) and £674 for 2-bed (434 properties). The previous release (year to 30th Sept 2013) has the averages as £808 and £657 respectively. http://www.voa.gov.uk/corporate/statisticalReleases/PrivateRentalMarketStatistics.html Seems in agreement with current stocks, thanks for link. Fergus implying achievable rents are 20% higher than the reality of around 5% gross yield. No institutional investor or business would surely touch a distressed asset sale at these values? What might a typical gross yield for such a sale be? 15%? Higher? The Wilsons are finished. Quote Link to comment Share on other sites More sharing options...
little fish Posted July 8, 2014 Share Posted July 8, 2014 Did someone on here post this comment in the Guardian thread?; Phil Martin (if that really is him & I suspect it is) used to be one of the property tribe boys. He has had several BTL based schemes, at least one of which went spectacularly bust a couple of years ago. I take it he is speaking from experience with UKAR and is correct in his assessment of the Wilson's situation. http://www.propertytribes.com/phil-martin-returns-to-property-t-10001.html http://www.philmartin.co.uk/ Quote Link to comment Share on other sites More sharing options...
Venger Posted July 8, 2014 Share Posted July 8, 2014 Phil Martin (if that really is him & I suspect it is) used to be one of the property tribe boys. He has had several BTL based schemes, at least one of which went spectacularly bust a couple of years ago. I take it he is speaking from experience with UKAR and is correct in his assessment of the Wilson's situation. http://www.propertytribes.com/phil-martin-returns-to-property-t-10001.html http://www.philmartin.co.uk/ Can you link to Mr.Rapid's main post about UKAR. The thread is 18 pages long. 22 May 2014 Ukar says that it can help customers in this situation review their monthly incomings and outgoings and may put borrowers in touch with independent mortgages brokers who could help find a new fixed-rate deal with another lender. Yet, chief executive Mr Banks points out: "It is not our job to be a social service." http://www.bbc.co.uk/news/business-27222883 All borrowers seem to be free to move to other lenders. I hope UKAR is applying appropriate SVRs where it can, and ensures it applies charges and penalties on to the accounts from landlords, where it has to take over management of a house - that equity is to be fed on. UKAR Gouge away You can gouge away Quote Link to comment Share on other sites More sharing options...
zugzwang Posted July 8, 2014 Share Posted July 8, 2014 Did someone on here post this comment in the Guardian thread?; That post is magnificent! Thanks for highlighting. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted July 8, 2014 Share Posted July 8, 2014 Can you link to Mr.Rapid's main post about UKAR. The thread is 18 pages long. All borrowers seem to be free to move to other lenders. I hope UKAR is applying appropriate SVRs where it can, and ensures it applies charges and penalties on to the accounts from landlords, where it has to take over management of a house - that equity is to be fed on. UKAR Gouge away You can gouge away Stay all day If you want to (maybe see you Thurs then) Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted July 8, 2014 Share Posted July 8, 2014 (edited) He bangs on about about selling up all the time.Yes I thought they might have sold out by now. Edited July 8, 2014 by Ash4781 Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted July 8, 2014 Share Posted July 8, 2014 Bottom line. Companies are generally shit at running things, banks even worse - can you image the cost of running some of these portfolios if they were done so legitimitately with all the associated isnurances, H&S checks etc etc tht should be in place. This is kite flying a sale of the portfolio, in a breathless sky. Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted July 8, 2014 Share Posted July 8, 2014 Have the Wilsons officially broken buy-to-let as a business model? Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 8, 2014 Share Posted July 8, 2014 Well....Fergus started out as a benefit farmer, He was famous for fifteen minutes And appeared on Panorama. Showing your age there!"Infamous" surely? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 8, 2014 Share Posted July 8, 2014 How will the bbc cover the Wilson`s demise? Will they try to make positive spin? Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted July 8, 2014 Share Posted July 8, 2014 Showing your age there! "Infamous" surely? Badly remembered lyrics from 20-odd years ago. A great south London band. Wanted to go to their farewell gig at Brixton in November just to hear that song. Could've been written about the Laird of Maidstone! Tickets sold out in minutes. :angry: Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted July 8, 2014 Share Posted July 8, 2014 How will the bbc cover the Wilson`s demise? Will they try to make positive spin? "The man who broke buy-to-let wants to sort out Britain's housing crisis." Quote Link to comment Share on other sites More sharing options...
SE10 Posted July 8, 2014 Share Posted July 8, 2014 "The man who broke buy-to-let wants to sort out Britain's housing crisis." Breaking buy to let would be a start in doing so, no? Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 9, 2014 Share Posted July 9, 2014 This news shows how poor financial journalism is - if it was ever that good. Only the FT has pointed out their main lended was that shining beacon of solvency, B+B. Nobody has pointed out that the sale is probably being forced by UKAR. Nobody has tried to to take is bs figures and work out the profit. How big is Ashford, or the area in Ashford where he's by buying. If its like the area I've been following, then there have been sod all sales in the last 10 years, so the munter pair will have been THE market. Couple that with a very thin layer of equity - he was claiming 10% down at one point, with leverage from previous purchaes FFS! - a lot of voids - Ashford is not London; its bot even nice. Quote Link to comment Share on other sites More sharing options...
Thunderbird 900 Posted July 9, 2014 Share Posted July 9, 2014 Also covered in today's Daily Mail. Great comment... "I don't know the man and try not to judge people I don't know personally but there is something about him that really disturbs me. I don't know if its superior attitude his over inflated ego or what but I find him a very obnoxious person. Any way I hope that he and his wife enjoy their money however they came by it but at 22 stone I fear he may not get to enjoy it for long"http://www.dailymail.co.uk/news/article-2685314/We-selling-ll-make-250m-Buy-let-property-moguls-entire-1-000-home-portfolio-market.html Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted July 9, 2014 Share Posted July 9, 2014 Fergus has come full circle from LL to EA. I just wonder how much he is trousering from the 'business' in the meantime. Quote Link to comment Share on other sites More sharing options...
Blod Posted July 9, 2014 Share Posted July 9, 2014 The Daily Wails take on their attempt to avoid the courts. http://www.dailymail.co.uk/news/article-2685314/We-selling-ll-make-250m-Buy-let-property-moguls-entire-1-000-home-portfolio-market.html Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted July 9, 2014 Share Posted July 9, 2014 More bolleaux from the Wail, Park Farm in Ashford 2 beds start from £800/month asking rents, not the £1,000/month achieved they state. £12m annual rental income is also based on 1,000 *£1,000/month, doubt that is the case. Fergus has previously stated he buys only 2 or 3 bed houses and avoids 1 or 4+ bedrooms. Using FreeTrader's VOA averages from page 4 of the thread : £674 average on 2 beds and £832 on 3 beds currently suggests rental income of £8-£10 million maximum, depending on the mix. Even taking the Wails 60% leverage stat at face value suggests about £100m total debt to service which could easily account for £4m/year on an interest only basis. Start knocking voids, repairs etc from the maximum gross income and it doesn't take much to realize that their financial position is probably vastly overstated, quelle surprise. From Nov 2009: 2 Buy two or three-bedroom houses – and never flats Except if you're in London, where flats will be in greater demand than in suburban areas. "One-bedroom starter homes are no good as people want to move on within six months," Fergus says. There is also limited demand for four-bedroom houses. "Why would anyone pay £1,300 a month in rent when they could get a mortgage for less?" he asks. "Rock-bottom rates have shifted the balance, but generally it should be cheaper to rent than buy." http://www.telegraph.co.uk/property/investmentinproperty/6672288/10-tips-for-buy-to-let-success.html Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted July 9, 2014 Share Posted July 9, 2014 Bottom line. Companies are generally shit at running things, banks even worse - can you image the cost of running some of these portfolios if they were done so legitimitately with all the associated isnurances, H&S checks etc etc tht should be in place. This is kite flying a sale of the portfolio, in a breathless sky. This is probably the most shocking thing.. If I had a 'portfolio' of 1000 houses, you'd want to manage it as a business - you'd have full-time people for repairs, maintenance and cleaning, compliance, answering the phone.. Put the debt on a commercial footing and make it a limited company so that you are not on the hook for millions if it all goes FUBAR. But I suppose they know better. Quote Link to comment Share on other sites More sharing options...
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