Friday, Nov 20, 2009

It's all lies, I tell ye

Kent Onlin: Property Tycoon Fergus Wilson denies arrears claims

Property tycoon Fergus Wilson has denied claims in the Daily Mail that he is in mortgage arrears.
The 61-year-old, with a personal fortune of about £70 million, denies claims that he is £350,000 behind on mortgage payments, and that three of his properties are now worth only £160,000.
“The long and the short of it is someone has got the wrong end of the stick,” he said.He claimes the £350,000 figure refers to the money he would have saved if 30 of his properties had not been on fixed mortgage rates.
“It doesn’t do the residents of Ashford any favours either because it’s saying all their properties have gone down."
He offered to give £5000 to charity if anyone could fine a 3 bed detached property in Park Farm for £160,000, as the newspaper claimed.

Posted by little professor @ 01:02 PM (1512 views)
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1. Agentimmo said...

I think Mr Wilson will find that it's the banks that are valuing the properties at sub-£160K, not the EAs.............

Friday, November 20, 2009 01:44PM Report Comment

2. the number cruncher said...

Park Farm, Ashford, where the majority of the Wilson's properties are is a future slum in the making - looks good on the surface, but dig a little deeper and it is not that nice. I think the 2 to 3 bedroom detached shoe-boxes of Park Farm are in for a nasty loss in value. They have been traded by speculators on the new high speed rail link as a Dormitory of London. But Ashford is a chavster dump and nobody really wants to live there.

Friday, November 20, 2009 02:34PM Report Comment

3. mark wadsworth said...

Ah, a personal fortune of £70 million is it? Wasn't that £180 million a year ago. Unless they have sold off two-thirds or their properties have fallen two-thirds in value, we can only assume that they have only 70% LTV, so it'll be a while before they're in Nequity.


Friday, November 20, 2009 02:35PM Report Comment

4. mark wadsworth said...

There are currently 91 3-bed houses for sale in Ashford according to Rightmove for £160,000 or less, the cheapest is £80,000.

Although to be fair, Park Farm may be a tip top posh area.

Friday, November 20, 2009 02:38PM Report Comment

5. cat and canary said...

"i'll give a free pork pie to anyone who can find a 3 bed detached property in Park Farm for £160,000" said Fergus Wilson sat on his throne defending the value of his property empire

Friday, November 20, 2009 03:35PM Report Comment

6. Peter said...

Would that be Mr "the cheque's in the post" Wislon?

Friday, November 20, 2009 03:41PM Report Comment

7. will said...

Liar - loans.

Friday, November 20, 2009 04:05PM Report Comment

8. jack c said...

Considering property prices only ever go up the Wilson's personal wealth now seems to be going down (based upon £70m quoted in the article against previous numbers quoted in The Times Rich List.

Friday, November 20, 2009 04:14PM Report Comment

9. mark wadsworth said...

Fair point Jack C. Let's assume that the fall from £180 million to £70 million is due to a twenty per cent price drop in value of properties and o/s mortgages are the same.

£110 million x 5 = £550 million. Divide that by 700 properties = £785,000 per property, which can't be right.

Or, net assets £70 million divided by 700 properties = equity of £100,000 per property, which is still a handsome cushion.

Friday, November 20, 2009 04:46PM Report Comment

10. jack c said...

mark wadsworth - thanks for the numbers. From previous articles I understood that the Wilson's had approximately 900 properties which would give a revised cushion of approximately £75K per property. Much of their quoted wealth is likely (IMO) to be "on paper" - the figures will look much different in an actual selling situation. Considering the lack of supply mania touted about in the press week in week out (hence rising prices) Fergus doesnt appear to have to many takers for the entire portfolio.

Friday, November 20, 2009 05:00PM Report Comment

11. cynicalsoothsayer said...

Just try selling 900 properties in a small area in a falling market. They're toast.

Friday, November 20, 2009 07:26PM Report Comment

12. sovietuk said...

What happens when interest rates return to normal levels?

Friday, November 20, 2009 08:45PM Report Comment

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