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Time To Raise The Rents


201p
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http://www.dailymail.co.uk/news/article-6022709/Britains-biggest-buy-let-tycoon-raises-rent-HOUR-rate-rise.html

Britain's biggest buy to let tycoon added an extra £50 a month to the rent within an hour of interest rates being increased, it was revealed today.

Fergus Wilson, who owns hundreds of houses and flats in the south of England, said he was increasing the rent of his 400 homes 'immediately'.

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If it is so easy to raise rents then that's at least several months of £50x400=£20,000 per month that he's been missing out on; the rate rise doesn't automagically give people more money to spend on rent, so if they can afford the rent rise now they could have afforded it before.

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sancho panza
4 minutes ago, BearyBear said:

Can he actually do that? Did he lower rents when BoE cut IR?

No.

Tenants have to agree to the increases.He may get a few voids for his trouble.

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On 03/08/2018 at 14:47, sancho panza said:

No.

Tenants have to agree to the increases.He may get a few voids for his trouble.

 

Wilson's business must be teetering on the brink. It's probably not proven to be the clever wheeze he thought and he realises he has just become a debt collector for the banks rather than a respected property tycoon.

The result is that Fergus must hate his Master more than he despises his tenants.

This 'threatened' rent hike is a petulent gesture to the 'Government and the Banks', cutting off his nose to spite his face. It's no more than a temper tantrum.

 

Edited by Hopeful
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On 03/08/2018 at 11:33, 201p said:

http://www.dailymail.co.uk/news/article-6022709/Britains-biggest-buy-let-tycoon-raises-rent-HOUR-rate-rise.html

Britain's biggest buy to let tycoon added an extra £50 a month to the rent within an hour of interest rates being increased, it was revealed today.

Fergus Wilson, who owns hundreds of houses and flats in the south of England, said he was increasing the rent of his 400 homes 'immediately'.

I don't know why, but whenever I see him I am reminded of BoJo...do you think they came from the same womb?

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2 hours ago, Hopeful said:

 

Wilson's business must be teetering on the brink. It's probably not proven to be the clever wheeze he thought and he realises he has just become a debt collector for the banks rather than a respected property tycoon.

The result is that Fergus must hate his Master more than he despises his tenants.

This 'threatened' rent hike is a petulent gesture to the 'Government and the Banks', cutting off his nose to spite his face. It's no more than a temper tantrum.

 

Not sure about that, seen how much prices have gone up since he bought .. he was selling them off in dribs and drabs a few years ago no idea what he is down to.

He's had 10 years of ZIRP with several more years of it to come to pay off the mortgages.

Pity S24 didnt come in sooner as that may well have wiped him out but for some reason the Tory party decided to give themselves and their parasitic voters 6 yer to get their house in order.

But he is the most perfect example of who the LIBLABCON BoE/Carney/King have bailed out, at the expense of millions of working people and their children.

Edited by Banned
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3 minutes ago, Banned said:

Not sure about that, seen how much prices have gone up since he bought .. he was selling them off in dribs and drabs a few years ago no idea what he is down to.

He's had 10 years of ZIRP with several more years of it to come to pay off the mortgages.

Pity S24 didnt come in sooner as that may well have wiped him out but for some reason the Tory party decided to give themselves and their parasitic voters 6 yer to get their house in order.

But he is the most perfect example of who the LIBLABCON have bailed out, at the expense of millions of working people and their children.

In which case, he has no excuse, he is just a c*nt

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30 minutes ago, The XYY Man said:

Not quite accurate with your description of Wilson there mind Hopey.

Actually he's a fat cunt...!

Britain's biggest property tycoon...?

Round the waist the fat bastard certainly is...

 

ferguswilson2903a.jpg

 

XYY

Good to see all that money coming in hasn't made him happy.

When they start putting warning pictures on sugary drinks about causing diabetes this one will be ideal.

 

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  • 5 weeks later...
13 hours ago, Bobthebuilder said:

What an arseole, i for one cant wait for his decline. Its been a long time coming.

But the LIBLABCONs have spent a decade making sure his kind are well looked after and never suffer a decline.

The copper he's trying to get sacked is the type of person who will be renting off him due to monetary and fiscal policy of the last 18 years.

Fact is he's 70 a fat fuck with not long left; he has won.

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Bobthebuilder
8 hours ago, Banned said:

But the LIBLABCONs have spent a decade making sure his kind are well looked after and never suffer a decline.

The copper he's trying to get sacked is the type of person who will be renting off him due to monetary and fiscal policy of the last 18 years.

Fact is he's 70 a fat fuck with not long left; he has won.

I agree, but lets see shall we.

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  • 2 years later...
9 minutes ago, spunko said:

https://www.kentonline.co.uk/kent/news/fergus-wilson-in-asylum-seeker-flat-offer-252127/

Landlord Fergus Wilson offers Home Office flats to use for asylum seekers

What a fucking fat cunt.

He's offering to sell the blocks of flats to the Home Office - as Fergus continues to hunt for anyone willing to pay over the odds for his crap portfolio (which I thought he had sold in 2016, then in 2017, then 2018...)

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55 minutes ago, eek said:

He's offering to sell the blocks of flats to the Home Office - as Fergus continues to hunt for anyone willing to pay over the odds for his crap portfolio (which I thought he had sold in 2016, then in 2017, then 2018...)

https://www.ft.com/content/20225b3e-0692-11e4-ba32-00144feab7de

e

Emma Dunkley and Kate Allen JULY 8 2014 6

Print this page

Buy-to-let landlords, former maths teachers Fergus and Judith Wilson, are to sell their huge portfolio because property price increases “can’t go on forever”.

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7 years now.

First Russians, then Ayrabs, then Chinese.

None sold.

If hes still got the leverage that he was bragging about then half his rent roll will be going in tax.

He also complicated the fuck up with extracting equity from one house to buy another. Or so he claims.

I dont know why th e bank - and its Mortgage Express IIRC - havent pulled the plug yet.

IO BTL is long dead. Just the idiot LL dont know it yet.

 

 

 

 

 

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8 minutes ago, spygirl said:

7 years now.

First Russians, then Ayrabs, then Chinese.

None sold.

If hes still got the leverage that he was bragging about then half his rent roll will be going in tax.

He also complicated the fuck up with extracting equity from one house to buy another. Or so he claims.

I dont know why th e bank - and its Mortgage Express IIRC - havent pulled the plug yet.

IO BTL is long dead. Just the idiot LL dont know it yet.

Because even Mortgage Express don't want the pile of poorly maintained hell holes that Fergus's portfolio consists of. 

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21 minutes ago, eek said:

Because even Mortgage Express don't want the pile of poorly maintained hell holes that Fergus's portfolio consists of. 

I dot think people have fully grasped how much ZIRP bailed out IO BTLers.

https://www.ft.com/content/f6482962-9abb-11dd-a653-000077b07658

Oct 2008



The financial crisis has killed off punterism – grassroots financial opportunism – in the UK as surely as leveraged investment banking. Its most recent incarnation was in a bovine stampede into buy-to-let property. Tens of thousands of landlords are now stumbling over a financial cliff. An effigy of a buy-to-let investor (circa 2007) will soon appear in the Wax Museum of Popular Capitalism alongside such other historical mugs as the share-dealing ’80s cabbie and the dotbomb day trader of the 1990s.

Punterism is not in itself a bad thing. An alternative business dictionary might define it by its justifying cliché: “If you don’t do yourself a bit of good, no one else will.” At its best, punterism inspires shrewd individuals to tuck into free lunches that others disdain. Some pioneers become multi-millionaires. That triggers the related phenomenon of mug punterism, in which rash wannabes rush in after the original window of opportunity has closed. They come spectacularly unstuck pour encourager les autres.

Andreas Panayiotou, a prominent property entrepreneur, helpfully predicted the death of the buy-to-let boom to FT readers last August. That was 13 months before the withdrawal of dominant lender Bradford & Bingley last month. The numbers no longer made sense, Mr Panayiotou said back then. Residential property prices would fall 20 per cent. They probably have. The widely quoted figure of a 12.4 per cent decline over 12 months is based on thin volumes and may conceal a bigger drop.

Mr Panayiotou, who started out as a developer in Hackney in 1996, told me recently that he had sold most of his once vast residential property portfolio, realising around £750m. Two other well-known buy-to-let investors, former maths teachers Judith and Fergus Wilson, have announced that they will sell off 900 properties.

Canny operators first came into the buy-to-let market in response to an improvement in landlords’ rights in 1996. Then, rental yields were above 10 per cent, interest charges were around 7 per cent and the property bubble was still inflating. Buy-to-let, in the words of bloke rockers Dire Straits, was “money for nothing and your chicks for free”. But by 2007 it was becoming a mug’s game. Rental yields had fallen to 3 per cent, below the typical two-year fixed mortgage rate of 4.5 per cent, and prices were starting to peak. Now the capital gains that lured latecomers have evaporated, swallowing their deposits and leaving some with negative equity.

They are coming off fixed rates on to variable charges of around 6.5 per cent at a time when their incomes are threatened by recession. Their nest egg investments have hatched into cuckoos. There is little respite for them in the government’s requirement for banks it has part-nationalised to resume mortgage lending at 2007 levels. The focus here will be on owner occupiers. Patricia, a single mother I encountered recently, is typical of buy-to-let casualties. Her mortgage costs on five buy-to-let apartments will shortly jump by £1,000 a month. Her rents do not even cover current interest and the capital value of the flats has fallen 20 per cent. “I’ve just lost my job and I’m temping, so my income is reduced,” she said. “I don’t know what to do. It’s horrendous.” She is likely to lose all her properties, including her home, and crystallise an unpayable £60,000 debt.

Mr Panayiotou expects lenders to start pursuing struggling buy-to-let landlords more aggressively over the next few months, as their own credit crisis starts to abate. Statistics from the Council of Mortgage Lenders show that lenders doled out 300,000 buy-to-let mortgages in 2006 and 2007. My authoritative guesstimate is that tens of thousands of the UK’s half a million buy-to-let landlords will face financial difficulties. It will take more than last week’s half-point base rate cut to bail them out.

Rearguard defenders of buy-to-let who point to healthy demand for rental property are whistling in the dark. The income of many tenants will shrink as the recession bites. The Hotel de Mum and Dad will become a thrifty alternative to a rented pad. Vacant city centre flats targeted at young professionals will rebrand as “affordable” housing. They will yield a fraction of original target rents when occupied by welfare claimants.

Some will slump into slumhood. I am myself a buy-to-let investor, sitting halfway along the curve between pioneer and mug. My wife and I now spend our evenings playing the new parlour game of Assessing Our Downside Liabilities. It is so much more zeitgeisty than Canasta. We have yet to succumb to reverse punterism – a scramble among private investors to lay off risk that is as frantic as the previous rush to take it on.

The worst worrywarts have been panic-buying krugerrands. From there, it is but a short step to oiling the hammers of Grandad’s shotgun in preparation for the collapse of civil society. Will “BTL” signify no more in years to come than a muddled acronym for a popular sandwich filling? Not a bit of it. Ajay Ahuja, a pioneering buy-to-let investor, told me he plans to buy hundreds of cheap properties when prices stabilise. Other bargain hunters will follow his lead.

Like John Barleycorn in the old harvest song, punterism always rises again. But given the scale of economic shocks, the fallow period could be protracted this time.

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20 hours ago, spygirl said:

I dot think people have fully grasped how much ZIRP bailed out IO BTLers.

https://www.ft.com/content/f6482962-9abb-11dd-a653-000077b07658

Oct 2008



The financial crisis has killed off punterism – grassroots financial opportunism – in the UK as surely as leveraged investment banking. Its most recent incarnation was in a bovine stampede into buy-to-let property. Tens of thousands of landlords are now stumbling over a financial cliff. An effigy of a buy-to-let investor (circa 2007) will soon appear in the Wax Museum of Popular Capitalism alongside such other historical mugs as the share-dealing ’80s cabbie and the dotbomb day trader of the 1990s.

Punterism is not in itself a bad thing. An alternative business dictionary might define it by its justifying cliché: “If you don’t do yourself a bit of good, no one else will.” At its best, punterism inspires shrewd individuals to tuck into free lunches that others disdain. Some pioneers become multi-millionaires. That triggers the related phenomenon of mug punterism, in which rash wannabes rush in after the original window of opportunity has closed. They come spectacularly unstuck pour encourager les autres.

Andreas Panayiotou, a prominent property entrepreneur, helpfully predicted the death of the buy-to-let boom to FT readers last August. That was 13 months before the withdrawal of dominant lender Bradford & Bingley last month. The numbers no longer made sense, Mr Panayiotou said back then. Residential property prices would fall 20 per cent. They probably have. The widely quoted figure of a 12.4 per cent decline over 12 months is based on thin volumes and may conceal a bigger drop.

Mr Panayiotou, who started out as a developer in Hackney in 1996, told me recently that he had sold most of his once vast residential property portfolio, realising around £750m. Two other well-known buy-to-let investors, former maths teachers Judith and Fergus Wilson, have announced that they will sell off 900 properties.

Canny operators first came into the buy-to-let market in response to an improvement in landlords’ rights in 1996. Then, rental yields were above 10 per cent, interest charges were around 7 per cent and the property bubble was still inflating. Buy-to-let, in the words of bloke rockers Dire Straits, was “money for nothing and your chicks for free”. But by 2007 it was becoming a mug’s game. Rental yields had fallen to 3 per cent, below the typical two-year fixed mortgage rate of 4.5 per cent, and prices were starting to peak. Now the capital gains that lured latecomers have evaporated, swallowing their deposits and leaving some with negative equity.

They are coming off fixed rates on to variable charges of around 6.5 per cent at a time when their incomes are threatened by recession. Their nest egg investments have hatched into cuckoos. There is little respite for them in the government’s requirement for banks it has part-nationalised to resume mortgage lending at 2007 levels. The focus here will be on owner occupiers. Patricia, a single mother I encountered recently, is typical of buy-to-let casualties. Her mortgage costs on five buy-to-let apartments will shortly jump by £1,000 a month. Her rents do not even cover current interest and the capital value of the flats has fallen 20 per cent. “I’ve just lost my job and I’m temping, so my income is reduced,” she said. “I don’t know what to do. It’s horrendous.” She is likely to lose all her properties, including her home, and crystallise an unpayable £60,000 debt.

Mr Panayiotou expects lenders to start pursuing struggling buy-to-let landlords more aggressively over the next few months, as their own credit crisis starts to abate. Statistics from the Council of Mortgage Lenders show that lenders doled out 300,000 buy-to-let mortgages in 2006 and 2007. My authoritative guesstimate is that tens of thousands of the UK’s half a million buy-to-let landlords will face financial difficulties. It will take more than last week’s half-point base rate cut to bail them out.

Rearguard defenders of buy-to-let who point to healthy demand for rental property are whistling in the dark. The income of many tenants will shrink as the recession bites. The Hotel de Mum and Dad will become a thrifty alternative to a rented pad. Vacant city centre flats targeted at young professionals will rebrand as “affordable” housing. They will yield a fraction of original target rents when occupied by welfare claimants.

Some will slump into slumhood. I am myself a buy-to-let investor, sitting halfway along the curve between pioneer and mug. My wife and I now spend our evenings playing the new parlour game of Assessing Our Downside Liabilities. It is so much more zeitgeisty than Canasta. We have yet to succumb to reverse punterism – a scramble among private investors to lay off risk that is as frantic as the previous rush to take it on.

The worst worrywarts have been panic-buying krugerrands. From there, it is but a short step to oiling the hammers of Grandad’s shotgun in preparation for the collapse of civil society. Will “BTL” signify no more in years to come than a muddled acronym for a popular sandwich filling? Not a bit of it. Ajay Ahuja, a pioneering buy-to-let investor, told me he plans to buy hundreds of cheap properties when prices stabilise. Other bargain hunters will follow his lead.

Like John Barleycorn in the old harvest song, punterism always rises again. But given the scale of economic shocks, the fallow period could be protracted this time.

Agree. ZIRP moves the goalpost. If you owe £1m generating say £30k rent… the mortgage payments on IO are now £15k (at 1.5%) they the world feels a lot more rosey. 

Doesn’t take much to see how a nudge up could really impact the larger private BTL’ers who have equity released and rely on big debt.

I think the reality is some businesses are in the same position and so is the government….so a rate rise will only happen when it is thrust upon the world. So denial for now and then a bumpy ride after that. 😉

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King Penda
On 11/08/2021 at 11:27, spygirl said:

7 years now.

First Russians, then Ayrabs, then Chinese.

None sold.

If hes still got the leverage that he was bragging about then half his rent roll will be going in tax.

He also complicated the fuck up with extracting equity from one house to buy another. Or so he claims.

I dont know why th e bank - and its Mortgage Express IIRC - havent pulled the plug yet.

IO BTL is long dead. Just the idiot LL dont know it yet.

 

 

 

 

 

It’s low hanging fruit I think even the torys might have a nibble when the Covid bill hits the doormat 

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1 hour ago, King Penda said:

It’s low hanging fruit I think even the torys might have a nibble when the Covid bill hits the doormat 

IO butlers have been fucked since s24 started its 5 year roll out, ending in 2020.

What I csnt work out is I didnt think io butler were so stupid to continue with ut, thinking HMRC wont notice or care.

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