Wednesday, Dec 09, 2015

Furgus in Ashford Firesale

Torygraph: Fergus Wilson, Britain's most iconic buy-to-let investor, sells up all 900 houses for £250m

I wonder what the fallout of this will be. Fergus has finally had to put his properties on the open market after telling us all a foreign investor would buy them all.
He has of course tried to do this before....

Posted by pete green @ 03:28 PM (5160 views)
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12 Comments

1. cyril said...

are you saying that he hasn't sold them to a consortium of foreign investors? The areticle says he has. But on the other hand newspapers normally just regurgitate press releases without checking anything so you may be right.

Wednesday, December 9, 2015 04:00PM Report Comment
 

2. judgandury said...

According to the Guardian, he sold them all to a consortium today. Different owners, same tenants.

Wednesday, December 9, 2015 04:58PM Report Comment
 

3. judgandury said...

cyril, you are right. The article posted above makes no mention of 'the open market'.

Wednesday, December 9, 2015 05:04PM Report Comment
 

4. khards said...

He ain't giving them away!

250,000,000/900 = 278k each for badly maintained 2/3br semi's in Ashford.
60 seconds on rightmove you can clearly see that being kind to Fergie they could retail at 175k each.

So what exactly is he asking a premium for on this bulk lot. I would reasonably expect them to fetch about 125 million at auction bearing in mind recent stamp duty changes.

So his asking prices is double what is realistically achievable.

Perhaps BOE should print up the cash for the local council to buy them back and rent them out as affordable housing.

Wednesday, December 9, 2015 07:26PM Report Comment
 

5. quiet guy said...

"Britains most iconic buy-to-let landlords are to sell their entire property empire for 250m"

So has the sale been closed or not? Personally, I'd be wary of bragging in the national press until the contracts had been exchanged.

The Mail says: "Mr Wilson told Emma Dunkley at the Financial Times that the remaining 900 properties will be sold to Arab investors in a deal he expects to complete before the first half of 2016."
(http://www.thisismoney.co.uk/money/buytolet/article-3352735/Britain-s-biggest-buy-let-tycoons-strike-deal-sell-900-strong-property-empire-Kent-Arab-investors-250m.html)

"Mr Wilson said he had taken measures so that local prices, amid such a big sell-off, are not adversely affected."

Why would he care unless these measures that affect property prices are designed to keep the deal on track until he closes? There may be more to come with this story.

Wednesday, December 9, 2015 08:20PM Report Comment
 

6. khards said...

"Mr Wilson said he had taken measures so that local prices, amid such a big sell-off, are not adversely affected."

I'm not so sure that such a small quantity of housing would affect prices in any meaningful way. If a new estate of 1000 homes were build locally, would you expect much of a impact on prices?

Thursday, December 10, 2015 08:18AM Report Comment
 

7. judgandury said...

"If a new estate of 1000 homes were build locally, would you expect much of a impact on prices?"

Yes.

The Shepway District Council has a core strategy target of 350 new houses per year. This target is for once accurate because it is one of the few local authority core targets that is derived from an up to date NPPF compliant local plan. This target was recently endorsed by a high court judge because it uses the now accepted Liverpool and Sedgefield methodologies in its calculation. I realise that this won't mean much to most here but what it effectively means is that the district only needs 350 new homes per year to completely supply housing demand including backlog. If 1000 newly built houses were suddenly built there would be a large oversupply and prices would fall dramatically.

Thursday, December 10, 2015 08:46AM Report Comment
 

8. mark said...

talking of liverpool there are around 15000 empty properties in liverpool most are boarded up and owned by the council

that could house 15,000 families, ave of 60,000 people, the council do not want to do anything with the streets and streets of houses

pure corruption - liverpool recently bought more houses via compulsory purchase all are boarded up and sitting empty

Thursday, December 10, 2015 09:56AM Report Comment
 

9. judgandury said...

mark, in line with government guidance Liverpool have put into place their "Empty House Strategy 2014 - 2016". So far they have reduced citywide vacancy rates from 6.3% to 4.4%. Can you give me details of the corruption you've uncovered? I could have it in the right hands before the week is out.

Thursday, December 10, 2015 10:04AM Report Comment
 

10. mark said...

judge

liverpool are dragging their heels, its funny that charities have to resort to funding to recover these houses and then are awarded for it, yet the council are not doing anything except producing spurious figures

I see so many schemes , figures etc thrown out from councils shame they cannot stay consistent few years ago 14mill then suddenly 7.5mill yet nothing has been achieved

councils are a pathetic waste of spin, see a council leader liverpool just resigned for awarding his therapist contracts lol then blames it on internal battles and not corruption hmmm, why resign oh yeh thats right the public and papers gotten a hold of info

i for one won't divulge the corruption in liverpool knowing of a person who tried and a mass of threats if he went public

Thursday, December 10, 2015 10:49AM Report Comment
 

11. sibley's b'stard child said...

What an idiot, he'd do better to actually secure the sale rather than needlessly spooking the herd. Those mysterious foreign buyers never seem to materialise, do they.

I recall him admitting in 2009 that ZIRP had prevented his 'business model' going belly-up. Which indicates how geared they are, will be interesting to see how much they actually clear after outstanding mortgages, CGT, and whatnot.

Thursday, December 10, 2015 04:30PM Report Comment
 

12. bidin'matime said...

What's needed is for his tenants to default en-bloc - and watch as he goes under - and buy their own homes with a council house style discount, as they all come on the market piecemeal...

I used to believe in the essential fairness of this country - but the knowledge that millions of savers have lost so much to keep people like him afloat has caused me to wonder if there can ever be any justice at all.

Thursday, December 10, 2015 08:42PM Report Comment
 

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