Sunday, April 8, 2007

Property tycoon’s BTL empire falling apart

'King of Belgravia' in mortgages struggle

One of Britain's biggest buy-to-let property investors is struggling to hold together his £100m London property empire under pressure from several household mortgage lenders. The tycoon owns about 200 -luxury houses and flats in the capital's most exclusive districts including Kensington and Chelsea, -Notting Hill and Earl's Court, plus properties further out on the fringes of the M25.

Posted by little professor @ 07:14 PM (571 views)
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8 thoughts on “Property tycoon’s BTL empire falling apart

  • A lot more convincing than the propaganda from Foxtons that was posted earlier.

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  • A lot more convincing than the propaganda from Foxtons that was posted earlier.

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  • This is more like it – whoever posted that Exponential Function article was spot on.

    I just did some empirical research analysis over the last few days – there are so many shop properties now empty. The shopowners have fled – literally.

    Mail piled up, repossession orders on shops. And this is in the heart of SW6, SW7,SW3 and SW10 – the most expensive areas of London.

    It’s OVER people. It’s OVER

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  • ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha,
    sorry, hang on. Let me wipe away a few tears.
    ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha,
    cannot help myself.

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  • Whiteknight says:

    I cannot contain my surprise! (read no surprise whatsoever)

    “A source at one building society said: “We have a couple of million of his £100m portfolio. Until Christmas he [De Havillande] had been a very regular payer, then payments just stopped all of a sudden.”

    Doh! Thats how all the other loans will go aswell, becuase people hide their problems until the last minute.

    When do you reckon the masses will wake up to the fact that there ain’t no prime and sub-prime? Its all sub-prime over 3x earnings and a 20% deposit.

    A quick stroll down most roads in London will give you what you need to know: mail piling up on the shop floor which looks newly empty, boarded up premises, “closed for refurbishment”, “reopening in Janurary .. still”, “we have moved”, “to let” (all that lack of supply means that the
    4 million square feet i counted within about 5 roads in the City must all not be usable obviously!!?).

    Its more than over. Look at the real data on the street – not the paper data. That will ensure that any adjustment to reality is small for you , even if it is violent and uncomfortable for others.

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  • Wow guys. It is really happening at last. For those of us renting and considering to buy in the next 3-5 years, time is on our side. They cannot keep up the false prices for much longer. I suppose this is a flaw in capitalism; stupid people having lots of money and causing price bubbles. If only sensible people had money, none of this would happen.

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  • Fedupwithhouseprices says:

    Serves him right the greedy pig! Ha ha!

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  • tony marshall says:

    I’ve coined a new phrase – ‘precipice economics’ – it’s when everything looks rosy, even as the individual’s finances / the business / the country’s economy (choose any or all…) reaches the point of no return at the edge of the precipice. Unlike the traditional economic model, it doesn’t involve a gradual slowing before things go into reverse. It occurs when the risk of failure is initially considered by all involved in the decision making process to be low and when all involved have a vested interest in success.

    I borrowed it from so-called ‘precipice bonds, an investment promoted as low risk, because the investor was guaranteed a profit, except for the perceived highly unlikely risk of a particular stock-market index falling by a significant amount. When the stock markets slumped, most investments followed the market, but these bonds simply fell off the precipice when the agreed index level was reached.

    The same will happen with BTL investors, except that it will be the lenders who see their investment fall off the precipice as the piggy-back loans, each property being remortgaged to provide the deposit for the next, suddenly collapses.

    Then there is the economy generally – everything looks great as consumers spend their perceived profits from property and the Chancellor plans accordingly, then it all falls of the precipice in one go, with disastrous results.

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