AvoidDebt Posted December 18, 2016 Share Posted December 18, 2016 Increase in property companies in 'financial distress' as housing market slows to a crawl Almost one in five companies in the British property industry are in financial distress after a year in which it was hit with slowing market activity as a result of changes to stamp duty an uncertainty surrounding the referendum. More than 25,000 companies in the industry – equivalent to 18.3pc of real estate companies including property managers, residential landlords and lettings agents – are in this state, according to research from Begbies Traynor, the insolvency specialists. The number is some 6.6pc higher than at the same time last year. Begbies said that of those in distress, a third are unlikely to be trading in three years’ time. http://www.telegraph.co.uk/business/2016/12/17/increase-property-companies-financial-distress-housing-market/ Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted December 18, 2016 Share Posted December 18, 2016 Just the other day I noticed a sign outside a Hamptons (usually more high end properties only) in Headington, Oxford, saying, 'From first flat, to family home...'. or words to that effect. I thought it must be a sign of the times - anxious for ANY business, not just the more expensive properties. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted December 18, 2016 Share Posted December 18, 2016 Someone on linked in the other day said they were looking to move from estate agency to recruitment. Sign of the times? Quote Link to comment Share on other sites More sharing options...
SarahBell Posted December 18, 2016 Share Posted December 18, 2016 30 minutes ago, the_duke_of_hazzard said: Someone on linked in the other day said they were looking to move from estate agency to recruitment. Sign of the times? You have to look at the value of an estate agent office in these days of technology. How many people visit one? Quote Link to comment Share on other sites More sharing options...
Smiley George Posted December 18, 2016 Share Posted December 18, 2016 43 minutes ago, the_duke_of_hazzard said: Someone on linked in the other day said they were looking to move from estate agency to recruitment. Sign of the times? Hmm from property hawking to people trafficing.....a shrewd move! Quote Link to comment Share on other sites More sharing options...
Cosmic Apple Posted December 18, 2016 Share Posted December 18, 2016 An estate agent in this area is expanding. I wonder how long it will last with the letting fee changes? Quote Link to comment Share on other sites More sharing options...
spyguy Posted December 18, 2016 Share Posted December 18, 2016 Read this in the free telewag at the cafe. Meaningless. How many property companies are in 'in distress' at any time the business cycle? From the last 20 years experience, Id guess most of them. There's is a structural shift in commercial property at the moment, all types - retail and office. Gorss oversupply. Retail is a disasters. Theres only demand in the big retail centres. And the big buildings are vritually given away to try and achor the site. Waitrose/John Lewis probably pays the least. As far EAs goes , theres no need for a bunch of shops with big glass windows. Very few people look in them thee days; all browsing is via the interweb. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted December 18, 2016 Share Posted December 18, 2016 So there are 125,000 property companies in the UK? Jesus Christ, says it all about this country. Luckily there's a cull coming. Quote Link to comment Share on other sites More sharing options...
Lavalas Posted December 18, 2016 Share Posted December 18, 2016 (edited) 2 hours ago, the_duke_of_hazzard said: Someone on linked in the other day said they were looking to move from estate agency to recruitment. Sign of the times? 'Hmmmm, this Estate Agency game is up, I wonder how I could utilise my tw*t skills' Edited December 18, 2016 by Lavalas Quote Link to comment Share on other sites More sharing options...
999house Posted December 18, 2016 Share Posted December 18, 2016 14 minutes ago, Eddie_George said: So there are 125,000 property companies in the UK? Jesus Christ, says it all about this country. Luckily there's a cull coming. In my part of London there are as many, if not more estate agents than food shops. Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted December 18, 2016 Share Posted December 18, 2016 Its not like that have not had a good run. There are going to be some deals on Range Rovers coming soon. Small shop opens > nothing in windows for sale > new RR outside Its a strange situation in my area at the moment it used to be hey nice house too much money. now I cannot even see a house I like at all, its all ex BTL and nothing nice in the family bracket. There is also precious little to rent as the house prices have really locked families into what properties they have managed to get.... the fees ban will cut down the income from renewals and churning such properties. All very ominous for agents and a quick dudil/endole search on them does not show companies that can afford a slump. Quote Link to comment Share on other sites More sharing options...
Timak Posted December 18, 2016 Share Posted December 18, 2016 There are under 20 houses for sale in my search area in Cambridge. The average over the last 5 years is 45, and it has been as high as 70. Of the 20 houses for sale, 5 are listed with online only agents. Nowhere near enough turnover to support the massive amount of local estate agents. Quote Link to comment Share on other sites More sharing options...
200p Posted December 18, 2016 Share Posted December 18, 2016 If we voted remain - would the property market be booming now? Quote Link to comment Share on other sites More sharing options...
Errol Posted December 18, 2016 Share Posted December 18, 2016 8 minutes ago, 200p said: If we voted remain - would the property market be booming now? Trump and Putin are also to blame. Don't forget them. Quote Link to comment Share on other sites More sharing options...
200p Posted December 18, 2016 Share Posted December 18, 2016 Hmm we can never blame high prices, and that the bull market in property might be just running out of steam. Quote Link to comment Share on other sites More sharing options...
St.Ives Posted December 18, 2016 Share Posted December 18, 2016 Why are there so few properties on the market? I can understand why there are no buyers but not why so few sellers? Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 18, 2016 Share Posted December 18, 2016 1 hour ago, St.Ives said: Why are there so few properties on the market? I can understand why there are no buyers but not why so few sellers? Because they're just renting them out, init. Quote Link to comment Share on other sites More sharing options...
spyguy Posted December 18, 2016 Share Posted December 18, 2016 7 minutes ago, Si1 said: Because they're just renting them out, init. pretty much. youve 10 years of supply due soon. Quote Link to comment Share on other sites More sharing options...
Guest Posted December 19, 2016 Share Posted December 19, 2016 8 hours ago, Si1 said: Because they're just renting them out, init. Every time a desperate BTL landlord sells a property that's one less renter, and one house sold at a reduced price... Drip drip drip... Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted December 19, 2016 Share Posted December 19, 2016 I could see this coming 12 months ago. I was on Funding circle and there was no end of "property" companies borrowing money 2-3 years ago, I guess of the back of the promised recovery. 12 months ago, it seemed to me they were starting to go bust. Managed to sell up 6-12 months early on Funding circle and get out while the getting was good. Quote Link to comment Share on other sites More sharing options...
AvoidDebt Posted December 19, 2016 Author Share Posted December 19, 2016 In Times behind paywall. The BTL selloff and raft of bankruptcies heading in this direction might just be the trigger.. There are now more estate agents in London than butchers The party mood in prime central London has been less bubbly this Christmas. Indeed, it has been rather subdued. Earlier this year, we learnt that more than 200 estate agents’ offices had opened in the capital in the previous 12 months, according to the online agency HouseSimple. That was one every 1.6 days, despite a crippling lack of supply and decline in transactions. London has more estate agencies than independent butchers, greengrocers and fishmongers; the City of Westminster topped the list with 228. Yet all is not well. http://www.thetimes.co.uk/edition/home/there-are-now-more-estate-agents-in-london-than-independent-butchers-fp0807fcr Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted December 19, 2016 Share Posted December 19, 2016 (edited) Quote Almost one in five companies in the British property industry are in financial distress after a year in which it was hit with slowing market activity as a result of changes to stamp duty an uncertainty surrounding the referendum. More than 25,000 companies in the industry – equivalent to 18.3pc of real estate companies including property managers, residential landlords and lettings agents – are in this state, according to research from Begbies Traynor, the insolvency specialists. The number is some 6.6pc higher than at the same time last year. Begbies said that of those in distress, a third are unlikely to be trading in three years’ time. This means the housing market is in actual good health. If one third of one fifth (one third of 20% is 6.66% by the way guys!) of property businesses will not likely be trading in 3 years' time, then it means that 93.33% of property businesses will likely be trading in 3 years' time - that's above average for businesses, no? Edited December 19, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
wsn03 Posted December 19, 2016 Share Posted December 19, 2016 (edited) Friend of mine is a conveyance lawyer, deals with a very loaded property agent / broker / whatever...man who is in the property dealing game. This property guy came to my friend to get his practice to deal with his divorce. My friend was apprehensive, knowing it would be complicated because the guy is loaded. Once they lifted the lid off the state of affairs it turned out to be the easiest divorce his practice ever dealt with - just about everything was leased - the cars, the flash properties (residential and commercial)...the suits were all bought on the knock....this couple had literally not a bean between them. I'm sure the property game is full of smoke and mirrors because with all the hyping in recent years it is seen as the 'trendy' place to be. I know one property broker myself who is pretty flash, but his debts follow him, he even lives at home with his Mum (can't afford a house)...but does drive a very flash Range Rover. Edited December 19, 2016 by wsn03 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted December 19, 2016 Share Posted December 19, 2016 Quote Link to comment Share on other sites More sharing options...
dougless Posted December 19, 2016 Share Posted December 19, 2016 12 minutes ago, wsn03 said: Friend of mine is a conveyance lawyer, deals with a very loaded property agent / broker / whatever...man who is in the property dealing game. This property guy came to my friend to get his practice to deal with his divorce. My friend was apprehensive, knowing it would be complicated because the guy is loaded. Once they lifted the lid off the state of affairs it turned out to be the easiest divorce his practice ever dealt with - just about everything was leased - the cars, the flash properties (residential and commercial)...the suits were all bought on the knock....this couple had literally not a bean between them. I'm sure the property game is full of smoke and mirrors because with all the hyping in recent years it is seen as the 'trendy' place to be. I know one property broker myself who is pretty flash, but his debts follow him, he even lives at home with his Mum (can't afford a house)...but does drive a very flash Range Rover. What a great story. I suspect that this scenario is more common than we might realise. Quote Link to comment Share on other sites More sharing options...
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