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Buy-to-let firm in administration

One of the biggest buy-to-let investment companies in Wales has gone into administration.

Cardiff-based A & A Property had more than 250 houses and flats on its books in different areas throughout Wales.

It is the first big casualty in the Welsh housing market since the start of the credit crunch, says BBC Wales business correspondent Nick Servini.

The National Association of Estate Agents in Wales believes more could go under as banks harden lending policies.

GET IN!

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Here we go! That £multi-million property empire that Clever-Dick BTler built up in 2 years and a day is showing its true colours - it was never anything more than an illusion. Many more will follow, I'd say.

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If an Association of Estate Agents say more will go then you are looking at a tidal wave.

I'm waiting for the company owned by that lovely pair in my avatar to crash and burn. I will crack open the weiss beer at that point.

I'd be grateful if any mods reading this would change the title from Lender to Company before anybody notices :rolleyes:

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Like I said, the BTL tower of shit is toppling.

Stand well clear.

Speaking of which... BBC Wales just had a phone-in about the "hundreds of flats in Cardiff Bay that are empty". Permission has been given today for a new appartment complex in Cardiff Bay which will be the tallest in Wales.

But residents have complained that the towers will be overbearing and a major letting agent said there were already hundreds of empty flats in Cardiff Bay.

http://news.bbc.co.uk/1/hi/wales/7268025.stm

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The National Association of Estate Agents in Wales believes more could go under as banks harden lending policies. [/i]

How utterly irresponsible. I'm on the phone now to Peter Bolton King to get these b@stards to get their bloody story straight.

Here's the hymn sheet.

"Things are okay. Not great but definitely not bad.

Spring bounce is firm but not hard. (No innuendoes please!)

One swallow does not a summer make. (One broke b@stard doesn't mean all the b@stards are going broke.)"

If we can't rely on the NAEA to tow the party line, who can we rely on.

Disgusted of Cardiff

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Speaking of which... BBC Wales just had a phone-in about the "hundreds of flats in Cardiff Bay that are empty". Permission has been given today for a new appartment complex in Cardiff Bay which will be the tallest in Wales.

http://news.bbc.co.uk/1/hi/wales/7268025.stm

For the last time. There are NO flats empty in Cardiff.

Zeta Jones owns them all and is saving them to give to relatives on suitable occasions.

Can we please all try to keep our feet on the ground!

Edited by Lets' get it right

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Speaking of which... BBC Wales just had a phone-in about the "hundreds of flats in Cardiff Bay that are empty". Permission has been given today for a new appartment complex in Cardiff Bay which will be the tallest in Wales.

http://news.bbc.co.uk/1/hi/wales/7268025.stm

Same up here - counted 11 "to let" signs in one street at the weekend, most were obviously empty - no curtains, furniture etc.

The demand does not exist (and never has), the yields don't either, and the dominoes are now falling.

And the fools that piled in are now funding the social housing of the future for the rest of their natural lives. Clowns!!!

Game, set and match to common sense...

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Okay, at the risk of opening up a can of worms with the opportunity for people to display their nasty side ....

What would be a fitting punishmentn for the Ashford two?

They 'own' 700 properties. I'll start with 'lock them in a room with 700 priced out youngsters'.

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Buy-to-let firm in administration

One of the biggest buy-to-let investment companies in Wales has gone into administration.

Cardiff-based A & A Property had more than 250 houses and flats on its books in different areas throughout Wales.

It is the first big casualty in the Welsh housing market since the start of the credit crunch, says BBC Wales business correspondent Nick Servini.

The National Association of Estate Agents in Wales believes more could go under as banks harden lending policies.

GET IN!

I'm well and truly heart broken. Bless.

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Bradford & Bingley apparently have up to 60% of their mortgages lent as BTLs - is this a good day to go and open a 12 month fixed rate bond with them? Anyone want to lock up your hard earned savings with Britain's biggest BTL lender?

One can only assume that a BTL firm goes bust because there simply are not enough people to rent out all the properties? I wonder, did the firm actually buy and own properties itself to rent out or was it just acting as an agent for BTL landlords - if the latter then surely the proverbial is hitting the fan!

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A+A bust...but I thought they were in it for the long term ;-)

does the administrator put these 250 properties on the market asap then to get some cash in or is there another strategy.

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Guest DissipatedYouthIsValuable
Okay, at the risk of opening up a can of worms with the opportunity for people to display their nasty side ....

What would be a fitting punishmentn for the Ashford two?

They 'own' 700 properties. I'll start with 'lock them in a room with 700 priced out youngsters'.

10,000 years of repeating InsideTrack lectures.

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Michael Jones, director of the Michael Jones Estate Agents in Cardiff, said the news came as no surprise.

"People who've bought at the top of the market and suddenly find that prices are falling, and of course there is a hole in their funding and the banks are starting to get very nervous about it," he said.

"With those numbers that [the company has] been buying, that's a huge amount of money.

"If you're looking for big returns both in rental and capital value and suddenly hit the buffers, that's very bad news for them."

"I think it was bound to happen because there has been a great deal of investment in property over the past three or four years, particularly within the Cardiff area.

"With the development of [Cardiff] Bay, there have been a lot of people buying and speculating, and that bubble does appear to have burst.

"I'm aware of some huge investments by national and international companies and they are struggling to reach their targets.

"We've overdeveloped certain areas and built the wrong type of properties. The credit crunch has put the top hat on it."

He advised individuals who had put savings into buy-to-let properties to watch the market and "sit tight".

-------------------------------------------------------------------------------------------------------------------------------------------

Is that a typo? Did he mean 'sh!t tight'?

I wonder if Mr Jones has encouraged any clients to buy BTL in the last few months. If he has, he could expect a few law suits.

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This has just gone too far now guys. I just cannot tolerate making fun of BTL lenders who are going bust. Those poor people will be out of a job now and the BTLers they have lent too will be facing serious financial worry.*

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What would be a fitting punishmentn for the Ashford two?

They 'own' 700 properties. I'll start with 'lock them in a room with 700 priced out youngsters'.

I'll agree, but only if the youngsters in question are:

1) Equipped with pipe-wrenches

2) And blowtorches

3) And video cameras

4) And are all female

5) And pre-menstrual

Should make a popular You Tube video...

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The article doesn ot make it clear whether they have bought the properties or whether they are acting as agents - seems to be a bit of both from the article but then I assume the wording between the brackets has been put in by some sub-Editor after the fact so, IMPO, pretty sloppy reporting of obvious HPC orgasm news.

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First they told us there was not enough supply.

Then they told us there was not enough supply, and there would be even more demand in the future.

Then they told us there was too much supply, but there would be demand in the future.

Then they told us there was too much supply, and future demand would not materialise.

Then they went broke.

I think I'm noticing a pattern here! :P

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Okay, at the risk of opening up a can of worms with the opportunity for people to display their nasty side ....

What would be a fitting punishmentn for the Ashford two?

They 'own' 700 properties. I'll start with 'lock them in a room with 700 priced out youngsters'.

I think the Wilsons re-doing their sums and realising that maybe they stretched themselves a wee bit too much under the new banking criteria will be a good start.

Also, it would be great if the Ashford locals all agreed not to live in one of their houses!!

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  • 295 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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