Auctions – A great start for landlords

by Readers Question

10:27 AM, 24th July 2019
About A year ago

Auctions – A great start for landlords

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Auctions – A great start for landlords

I attended the Clive Emson auction in Maidstone yesterday (23rd July, 2019) and was with my pal Billy Singh at noon when the news came over my mobile telephone that Boris Johnson had won and would be the next Prime Minister.

I thought there would be a cheer or boos from the audience, but no nothing. I thought the Auction would be interrupted to announce the result, but no nothing at all. No one was in the slightest interested! “Homes under the Hammer” were filming there so I guess that took precedence.

Boris is the new Prime Minister and we will have to wait to see what he brings to the table for Landlords.

The Auction went well, and property prices were extremely good. I started with Auctions and, could not have done without them, prior to moving into buying “off plan” in the year 2000. Auctions provide a quick turnaround for both vendor and purchaser with a 28-day completion. As a purchaser you must get your kit together. You must have your money in place and carry out any due diligence beforehand.

About 38% of properties are purchased without a Mortgage meaning very many investors are trying to find a home for their money which will perform better than other investment routes.

I noted institutional buyers in bulk from Investment Funds, Insurance Companies, Pension Funds and so on. They have returned to the market place.

The other notable group I saw was British Born South Asian buyers predominantly from India. I know them well from previous auctions. Like Billy Singh they buy around the North of Kent. My area is Central and South Kent along the M20 Corridor. I met one Romanian investor who was intending to buy a property to convert into a “Housing Warehouse” to take single Romanian People. He was outbid in the end.

I found it a very exciting atmosphere and I wish I were twenty years younger, but I am seventy one in under a month’s time. Time to retire and leave it to younger folk.

Regarding Brexit, well going by the Auction yesterday it has not dampened the enthusiasm for buying bricks and mortar, the traditional fall back investment.

 Fergus Wilson



Comments

Ian Narbeth

13:12 PM, 24th July 2019
About A year ago

Thanks for the report Fergus. Let's Keep Calm and Carry On and give Alexander Boris de Pfeffel Johnson time to get his feet under the table.

If your Romanian investor manages to buy somewhere, I hope he knows and will comply with the extensive laws relating to HMOs or else employs competent managing agents. Otherwise, he may end up becoming a rogue landlord.

Aleksandr

7:08 AM, 25th July 2019
About A year ago

With Brexit, buying property in Europe will be more complicated.

Many UK investors are now looking likely to buy a house in UK.

The prices in London had seriously rised. Even the favorite place to go on retire Cyprus, have less property sales for UK citizens, even despite the lowest cost value for Houses in Cyprus since 2010.

The new Prime Minister won't change something radical.

Darren Peters

11:08 AM, 25th July 2019
About A year ago

Reply to the comment left by Aleksandr at 25/07/2019 - 07:08
What do you think the complications will be?

Aleksandr

9:46 AM, 26th July 2019
About A year ago

Reply to the comment left by Aleksandr at 25/07/2019 - 07:08
By the way prices for Houses in Cyprus http://tranio.com/cyprus/detached


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