I Want In Now

[BuyingBear]

Pure f*cking fantasy. That was disgraceful ramping - it really should be illegal. Utterly untrue, and utterly irresponsible. Scumbags.

You know what, I think somebody in the Beeb simply forgot to include any mortgage repayments or costs. It looks like they just phoned up some estate agent and heard "this £80k property will rent for £3300" and took it as read, add in the clever x2 sums and there you have it, £6600 pure profit.

Also, one area where there was total silence was the repayment costs for the original MEW'ed deposit!

Edited May 30, 2006 by BuyingBear

[Jason]

That was ramping on a whole new level.

I've just complained. I urge everyone who objects to that program to complain.

Link: http://www.bbc.co.uk/complaints/make_complaint.shtml

Anyone want to see my letter?

[Badlad1967]

Anyone want to see my letter?

Yes please.

[Jason]

Dear BBC

After watching your program "I want it now" on BBC1 (broadcast 30/05/06 @ 7pm) I am confused and concerned at the advice given to the couple.

The program identifies the pitfalls and costs of buying a property in France, quite rightly, and concludes it would cost over £11,000 per year just to own and occupy the property in France. You then go on to advise buying two Buy To Let (BTL) properties in the UK that will return £6,600 per year.

Firstly, you have failed to cover the drawbacks of BTL and seem to ignore major pitfalls such as voids. My main complaint is how you seem to have imaginary figures, and an unachievable profit that justifies investment in the UK.

You state with a deposit of £30,000 on two properties will return £6,600. This equates to a yield of 8.39% that is not realistically achievable in the UK, nor the typical yield. To break this figure down you would need to receive £8,389 rent on a £100,000 property. This would consist of the following costs £4,250 in interest (on £85,000 at 5%AER 25bp above the Bank of England Base Rate – a very competitive deal), £3,300 profit (which you state in the program) and management fees of 10% [£838.90] (which you also state in the program).

Having looked around Colchester (the area mentioned in the program) yields of over 8% are just not available. I have also taken this further and looked at Association of Residential Letting Agents (ARLA) and the gross yield for the UK as a whole is 5.08% (ARLA review:

http://digitalnation.fileburst.com/arla/ar...view_q1_06.pdf)

http://digitalnation.fileburst.com/arla/arla_review_q1_06.pdf)' rel="external nofollow">

. The net yields being considerably lower at 4.7%.

With the figures mentioned in the program this would lead to a profit of £322 per property. Far from £3,300 quoted in your program. This return would also be far less than leaving the money in the bank, and certainly doesn't cover the increased mortgage costs the couple would now be faced with (as the deposit was Mortgage Equity Withdrawal).

I expect a full explanation why such figures were mentioned on the program as though they were typical. This program was clearly encouraging property investment in the UK by using misleading figures. The BBC has a duty of care to its viewers.

Regards

Pablo Escobar

[Badlad1967]

Excellent letter mate.

Please post any response you get.

BBC - PAH!

[Guest Riser]

Dear BBC

After watching your program "I want it now" on BBC1 (broadcast 30/05/06 @ 7pm) I am confused and concerned at the advice given to the couple....................

Just complained by Phone no doubt they will be busy tonight the programme was appalling.

[gasket37]

Dear BBC

After watching your program "I want it now" on BBC1 (broadcast 30/05/06 @ 7pm) I am confused and concerned at the advice given to the couple...

good stuff

i didn't see the programme, but it sounds typically sloppy "journalism" on their part...

i would bet a sizeable sum that the BBC also forgot to mention the little matter of taxation on the "profits" :angry:

[Smell the Fear]

You know what, I think somebody in the Beeb simply forgot to include any mortgage repayments or costs. It looks like they just phoned up some estate agent and heard "this £80k property will rent for £3300" and took it as read, add in the clever x2 sums and there you have it, £6600 pure profit.

Also, one area where there was total silence was the repayment costs for the original MEW'ed deposit!

The "Miracle Economy" will be renamed the "F*ucktard Economy" by future generations.

A basic knowledge of discounted cashflows should be obligatory before anyone is allowed to leave school.

[Jason]

Just complained by Phone no doubt they will be busy tonight the programme was appalling.

Nice one Riser.

I'd ring, but i'm might break down in tears...

... because of the football.

[Saving For a Space Ship]

If the BBC are trying to immitate Channel 4 with this tv tripe, maybe we can live in hope that other channels will produce housing progs in this miracle economy with more honesty.

Perhaps one entitled 'Bubble on Five'.........sounds strangely familiar from the time at the end of the last crash

Historically speaking, What number is this mega-bubble we are in now anyway ?

Jason, you are complaint master. Did you here anything back from C4 on the Krusty Arsedrop Investment Prog complaint?

Edited May 30, 2006 by Saving For a Space Ship

[BuyingBear]

If the BBC are trying to immitate Channel 4 with this tv tripe, maybe we can live in hope that other channels will produce housing progs in this miracle economy with more honesty.

But this is much more insidious, Channel 4 is simply ramping the same old tat to please its advertisers, that's understandable, but in the case of the BBC it has political overtones, in this programme the Beeb pulled its educational or semi-factual routine and the message was quite clear, "don't buy abroad". Of course, they did a complete 180 by suggesting that an eminently sensible alternative was to opt for two BTL in the UK! They even went as far as to dream up completely unsubstantiated ******** figures to back up their case. So run along now and MEW your home and buy a couple of BTL's, stack another row under the pyramid and keep Gordy's miracle economy crumbling along so he can make a swift relocation of his own.

This is thinly veiled propaganda, there is no other word for it.

propaganda

, systematic manipulation of public opinion, generally by the use of symbols such as flags, monuments, oratory, and publications. Modern propaganda is distinguished from other forms of communication in that it is consciously and deliberately used to influence group attitudes; all other functions are secondary.

[brassfarthing]

But this is much more insidious, Channel 4 is simply ramping the same old tat to please its advertisers, that's understandable, but in the case of the BBC it has political overtones, in this programme the Beeb pulled its educational or semi-factual routine and the message was quite clear, "don't buy abroad". Of course, they did a complete 180 by suggesting that an eminently sensible alternative was to opt for two BTL in the UK! They even went as far as to dream up completely unsubstantiated ******** figures to back up their case. So run along now and MEW your home and buy a couple of BTL's, stack another row under the pyramid and keep Gordy's miracle economy crumbling along so he can make a swift relocation of his own.

This is thinly veiled propaganda, there is no other word for it.

propaganda

, systematic manipulation of public opinion, generally by the use of symbols such as flags, monuments, oratory, and publications. Modern propaganda is distinguished from other forms of communication in that it is consciously and deliberately used to influence group attitudes; all other functions are secondary.

Yeah. It's all a conspiracy by the BBC, that well-known right-wing, fascist, capitalist, anti-consumerist cabal.

LOL!

Why watch this junk, regardless of which channel pumps it out??

[BuyingBear]

Why watch this junk, regardless of which channel pumps it out??

Because it's on at primetime when millions of other viewers unquestioningly take it in.

Why push two BTL's? Why not push ISA's packed full of shares from two muppetry companies? Of all the investments in the world, why that, and why make up a set of bull$hit figures as post-justification for a crappy investment prospect?

Edited May 31, 2006 by BuyingBear

[Jason]

Jason, you are complaint master. Did you here anything back from C4 on the Krusty Arsedrop Investment Prog complaint?

Nope. Not a sausage.

[jonathan trees]

The best investment is residential property not stocks and shares.

You cannot beat property as a brilliant investment. Property has outperformed every other type of investment in the long term. Another major advantage of property as an investment is tha tthere is no capital gains tax to pay on the profit made in selling a property provided that it was owner's primary residence whereas there is tax to pay on the profit made in selling stocks and shares.

We still haven't reached the property market peak yet since property prices are still rising and rising strongly. The property market peak will occur in 2007/2008 which means that we can expect to see further rises in house prices over the next year or two.

[erd]

"...Third world here we come."

Not necessarily.

I think the Uk will turn itself into a theme park for visiting Chinese.

Hotel jobs for your kids, if they are lucky. Else waitors and waitresses

This government would employ anyone from anywhere else rather than force our citizens to work!

[Guest Riser]

We still haven't reached the property market peak yet since property prices are still rising and rising strongly. The property market peak will occur in 2007/2008 which means that we can expect to see further rises in house prices over the next year or two.

Last Augusts rate cut caused the brief rally this year andthere are already signs it is running out of steam, once rates start going up in July or August the market will be knocked flat on its ar5e and I have no doubt it will crash next year as rates continue to rise above the 5.25% which the markets have already priced in.

[AteMoose]

The best investment is residential property not stocks and shares.

You cannot beat property as a brilliant investment. Property has outperformed every other type of investment in the long term. Another major advantage of property as an investment is tha tthere is no capital gains tax to pay on the profit made in selling a property provided that it was owner's primary residence whereas there is tax to pay on the profit made in selling stocks and shares.

We still haven't reached the property market peak yet since property prices are still rising and rising strongly. The property market peak will occur in 2007/2008 which means that we can expect to see further rises in house prices over the next year or two.

right..... noone has a crystal ball, but even you are forecasting a 'property peak' which suggests your also suggesting a trough....

[thunderbird900]

For Jonathan Trees read Bruno...ad nauseam

Blimey, Bruno has so many monickers I'm surpried he remembers who he is.

Still, he must be happy, with all this wet weather he can keep opening his umbrella...

[Jason]

Dear BBC

After watching your program "I want it now" on BBC1 (broadcast 30/05/06 @ 7pm) I am confused and concerned at the advice given to the couple.

The program identifies the pitfalls and costs of buying a property in France, quite rightly, and concludes it would cost over £11,000 per year just to own and occupy the property in France. You then go on to advise buying two Buy To Let (BTL) properties in the UK that will return £6,600 per year.

Firstly, you have failed to cover the drawbacks of BTL and seem to ignore major pitfalls such as voids. My main complaint is how you seem to have imaginary figures, and an unachievable profit that justifies investment in the UK.

You state with a deposit of £30,000 on two properties will return £6,600. This equates to a yield of 8.39% that is not realistically achievable in the UK, nor the typical yield. To break this figure down you would need to receive £8,389 rent on a £100,000 property. This would consist of the following costs £4,250 in interest (on £85,000 at 5%AER 25bp above the Bank of England Base Rate – a very competitive deal), £3,300 profit (which you state in the program) and management fees of 10% [£838.90] (which you also state in the program).

Having looked around Colchester (the area mentioned in the program) yields of over 8% are just not available. I have also taken this further and looked at Association of Residential Letting Agents (ARLA) and the gross yield for the UK as a whole is 5.08% (ARLA review:

http://digitalnation.fileburst.com/arla/ar...view_q1_06.pdf)

http://digitalnation.fileburst.com/arla/arla_review_q1_06.pdf%29' rel="external nofollow">

. The net yields being considerably lower at 4.7%.

With the figures mentioned in the program this would lead to a profit of £322 per property. Far from £3,300 quoted in your program. This return would also be far less than leaving the money in the bank, and certainly doesn't cover the increased mortgage costs the couple would now be faced with (as the deposit was Mortgage Equity Withdrawal).

I expect a full explanation why such figures were mentioned on the program as though they were typical. This program was clearly encouraging property investment in the UK by using misleading figures. The BBC has a duty of care to its viewers.

Regards

Pablo Escobar

Here's the reply:

Dear Pablo Escobar

Thank you for writing to us about I Want It Now!

I am sorry to hear that you were upset by the programme about holiday

homes. When making a consumer series like I Want It Now! every effort is

made to ensure that a balanced, well researched and factually correct

programme is produced. Very detailed research is carried out initially and

this continues throughout the filming and editing process.

Marsha Wright, a financial property expert, was chosen to take part in the

programme because of her wealth of knowledge on the subject. Marsha and her

team worked out the figures featured in the programme. The result of her

figures were that, overall, it would make a more sound, long-term

investment if the couple bought property in the UK rather than abroad,

particularly because they plan to visit their French house for only five

weeks of the year and did not want to let it for the remaining 47.

Marsha found 20 different properties that the couple could buy in

Colchester, Loughborough and Wisbech. For the purposes of the programme,

and to simplify the point, we chose to feature Colchester as an example of

where the couple could theoretically buy.

I do hope this answers your queries and thank you again for taking the time

to write in.

Yours sincerely

Ian Carré

Series Producer

I Want it Now

A total disgrace.

Edit:

Come on then, what shall I reply with?

Edited July 2, 2006 by Jason

[FirstTimeBonkers]

Here's the reply:

Come on then, what shall I reply with?

I would suggest that in your reply you might quote the following non-answer "Marsha Wright, a financial property expert, was chosen to take part in the programme because of her wealth of knowledge on the subject. Marsha and her team worked out the figures featured in the programme." and ask the following specific questions:

1) what is a "financial property expert"? An expert in 2nd-hand bank buildings? What are the qualifications and experience which lead you to suggest she has a wealth of knowledge?

2) in what way does sycophantising a self-appointed expert answer the original request which was for a full explanation of how the figures were arrived at?

[Jason]

My reply:

Dear Ian Carré

How can you seriously say the program was 'balanced', 'well researched' and 'factually correct'? I except that this was the case when talking about foreign investment, but this it totally untrue when referring to the UK property market.

In fact, you went to great lengths to portray the UK property market in a greater light than it actually is. You portrayed the market such that an investor would typically receive over an 8% yield which is simply not true, and which I have shown you figures for.

If Marsha Wright is such a property expert, maybe you could enlighten me to her qualifications (and I shall complain to any professional organisation she is a member of)? By the figures mentioned on the program, I would not say Marsha Wright is an expert in the slightest, I could consider her financial wisdom worthless without backing up her claims.

I still expect you to back up your claims made in the program, which you have not yet done. I shall be writing to the BBC Director General if I do not get a satisfactory reply

Until you can do this, I propose I Want It Now! is stopped from appearing on TV. Also, I expect any future claims that you care to make should be backed up by a factual and reputable source.

Regards

[apom]

Here's the reply:

A total disgrace.

Edit:

Come on then, what shall I reply with?

That as the IMF, Mervin King and many others are now continously passing grave warnings about the UK housing market, and that the housing market itself is showing drops accros most of the country. That the market is following true to form its cyclical nature. That they even suggest that the market should be invested in surpasses ignorance and moves through to dangerous levels of incompetence.

To continue to tell the population of the country that investing in property is a good idea on the words of Mortgage Lenders as experts raises only the possibility of either massive levels of stupidity, or more worryingly levels of a more sinister purpose.

Perhaps someone should remind them that they are there to report the truth not to try and shape opinion.

When the International Monetary Fund announces so many times that the UK housing market is doomed to fail and of this there is only silence on the BBC.

When the Halifax releases figures showing price drops and the BBC tell us only that "Prices are Rising" we know exactly what the BBC are up to.

but for them to then turn around and defend themselves using "Playground" tricks of insisting with confidence the lies they spin then we should treat them with the the contempt they deserve.

do not let these fools anger you.

Mind you they Pi*s me of so really you can go ahead and let them anger you