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http://www.yourcanterbury.co.uk/kent-news/...nkent15917.aspx

Repossessions are on the rise across the county – and the worst may be yet to come, say housing experts.

More borrowers are struggling to keep up with higher mortgage repayments brought on by the credit crunch across the county’s eight districts – apart from in Maidstone and Ashford.

According to the Ministry of Justice, the number of mortgage possession claims issued in Ashford has dropped 21 per cent in the second quarter of this year compared to the same period in 2007.

But in Tunbridge Wells 22 per cent more homeowners’ properties are facing repossession.

John Oakley, chairman of the east Kent branch of the National Association of Estate Agents, predicted worse may be to come.

“The credit crunch has not really hit them yet and from the end of September to December you might project higher repossession rates.

“I would not mind betting they would change at the end of September to December as the crunch starts to bite.

“People cannot afford their [mortgage] repayments and cannot sell because the market is just not happening,” he said.

The Council of Mortgage Lenders revealed the amount of homes being repossessed nationally has risen 48 per cent in the last year at the beginning of August.

Mr Oakley said he was surprised Ashford had bucked the national and regional trend for mortgage possession claims rising.

“If they had gone up then I would say it was because there is so much new building and promotion of high percentage mortgages that people cannot afford to live there.

“But this is a contradiction,” he said.

He speculated as to why Tunbridge Wells had seen such a sharp increase, suggesting the higher property prices in the area meant people had borrowed more to afford their homes and were now under increasing financial pressure.

“It is one of the more expensive areas in the county and if you are going to buy you have to have a good income or borrow more money which puts more pressure on maintaining that lifestyle.

“There’s a pressure to ‘keep up with the Joneses’,” he said. “These people bought into the good lifestyle, they go out to the wine bars and restaurants and are perhaps living beyond their means which is putting pressure on their disposable income.”

Medway has seen no change since last year, in Dartford there was a 16 per cent increase, Canterbury has seen a rise of 17 per cent and in Thanet the number of people at risk of losing their homes has increased five per cent.

The average rise in repossessions across the county is five per cent.

Judith Armitt, managing director of Ashford’s Future, which is responsible for the regeneration of the town that will see it double in size by 2031, said: “Ashford is attracting a growing number of well-paid, skilled jobs, which means those living and working in the town are managing to weather the storm.”

While the current downturn in the global economy, brought on by the sub-prime mortgage crisis, has left more Kent homeowners struggling this year than last the picture is much bleaker in other parts of the country.

Cambridgeshire, Norfolk and Suffolk showed a 29 per cent increase in the number of property owners facing repossessions compared to 13 per cent for the South East as a whole.

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Always the problem with their strategy,they could never have exited the market without collapsing the value of the portfolio.Had they a spread across the South East they could have quietly got out in 2006-2007.

A bunch of Russians offered to buy their portfolio a year ago or so...and they refused...

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Nope...I bet lying in bed late at night the Wilsons wish they'd taken up the offer...at least I hope they do. Then again, would one want to have ripped off a bunch of mega-rich Russians?

I'm wishing herpes on the Wilsons so hard that when they have sex it must sound like

someone bashing two hessian sacks full of cockles together.

.

Remember kids, BTL = STD.

.

ST

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ST - just out of interest, how many of your posts contain the word Herpes? I'd be interested to see the ratio.

Is the figure linked to HPI? That's a graph I'd like to see!

:lol:

Its a recent theme, my reasoning here: HPC Post

.

As a secondary motive I would like to get BTL ireversibly associated with sexual

diseases in the minds of the public.

.

S (I have a dream) T

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In light of 11 US banks so far being closed including the Bear Stearns problems. The announcement this weekend that Freddie and Fanny are going to be under goverment ownership does anyone really believe that the Wilsons have any hope at all of surviving :lol::lol::lol:

No one will be their to bail them out. This was always only going to end one way for them. I believe the term is " Dead man walking " :lol::lol:

Any property investor that has not already left the sinking ship with the rats will be dragged down with it.

Oh well it was fun for them while it lasted. If only they had learnt the fundementals of leverage :lol:

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  • 2 weeks later...
I'm not too worried about the amount of properties they own, I'm just angry that I will have to move from one of their properties because they refuse to carry out any repairs. It seems ridiculous to me they they are still not caring if they lose tenants, surely that is not the way to go at the moment.

they HATE spending money on repairs. same thing happpened to my family, asked for a repair to the property and they thought it would be cheaper to evict us

they do it to everyone so dont take it personally

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All they need to do though is to survive this period. Even if they wipe out every single penny of equity in the process. When prices start to rise they will be making millions of pounds a month on someone elses money. If the banks reprocess them, the banks will loose out, in the long term the banks are better backing the Wilsons.

They seem to have got in at the exact right time, the early 90's. I was speaking to a collegue who said his son in law had just bought his 30th property this week. He said that he started 2 years ago and never uses his own money. Now, its people like that who are in real danger (but tbh he didnt sound concerned).

My personal opinion is that one person shouldnt be allowed to take so much risk with someone elses money. They could just declare themselves bankrupt and start all over again in a few years and not suffer the full financial consequences. Its almost like a 50/50 chance of becoming a millionaire, but if you fail, you can flip the coin again in a few years time.

what if they can't pay the mortgages?

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The only exit strategy for them is to sell their own home and take all of their cash out of the country and do a runner.

That's assuming they'll be able to sell it. The market may be flooded before they're able to find a buyer :lol:

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Aye. Those cumts deserve to be cleaned out. Double every seven years. What a bluddy shower, eh?

dont think fergus owns anything its all in her name

dont think they are at all worried about going bankrupt after all the must have skimmed a large amount of cash off shore.

i rented off them once and they booted me out because i wanted a repair carried out this is common practice for them

their arrogance is astonishing and will bring down their empire of debt

why dont we all email fergus and find out what he thinks is going to happen to the propery market

fergus.wilson@btopenworld.com

make sure that in the subject line of your email you type "rent" or "tenancy"

i ve got nothing against rich ppl but these clowns are going down and then so willl the prices round here

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I somehow doubt that they are unable to pay a website hosting bill. More than likely they have just decided that now is not a good time to be advertising btl seminars. Probably they haven't told their webhosts, just cancelled the direct debit, like the considerate souls they must be.

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  • 441 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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