how i made my millions...

I was watching 'how i made my millions' the other night... an oldish program it was the one with the couple from Ashford who own 500 odd houses. (normal house not odd houses).

They said in the beginning before they were wealthy they bought, waited for increase in value, remortgaged then bought again with the money from the remortgage... and later the wife bought about twenty houses in one day because there was an interest rate cut.

like i said it was a bit of an old program but for it was good (but not necessarily true of course) to here the old man say at the end of the program 'and don't listen to that nonsense you read in the papers about house prices.. theres only one way they are going and that is up'

Reply to
Mike
Loading thread data ...

They still are; it's just that the rate of increase has reduced. From the last survey I read, they fell back in one area only (Oxfordshire, if my memory's right).

Jon

Reply to
Jon S Green

If you look at counties maybe, but if you look at streets, it only takes a bad headline or a bad neighbour to bring the value of every house in the street down. There are plenty of streets around the country where this has happened.

Reply to
dp

Sure, and that's always been the case, but that's not particularly relevant to the property developer's comments that the OP posted. It's pretty unlikely that suddenly, on most streets in which the 500 or so houses that the couple owned, bad neighbours would suddenly crop up and spoil the appreciative values of the properties.

Jon

Reply to
Jon S Green

How did they get on during the downturn of the early 90s?

Roland.

Reply to
Roland Watson

If they were like me, they probably just made a profit, but less than they were expecting. At that time I had a house that had been valued at £250,000 but after the downturn I sold it for £200,000. Since I had paid less than 50k for it four years before I was hardly crying over the "loss". Obviously anyone buying at 250,000 would have had a long time to wait before they got out of negative equity, but much of one's "luck" with housing prices depends on being able to set the hype aside and decide "is this house really worth the asking price?" If it isn't, make an offer. If your offer fails, don't regret it.

Reply to
Steve Firth

I saw the program. They don't sell, they just take a small amount (10/wk/property) out, and constantly remortgage based on new valuationss. During the early 90's they used previous gains to finance heavy buying. One day, when the interest rate went down, she bought 7m of property!

And it all started with a racing pigeon!

John

Reply to
John Bishop

what a pair of parasites.

Reply to
sam1967

In general terms over minimum 20 year periods and assuming demand continues to outstrip supply, yes, I agree, otherwise I don't.

The programme was a repeat - it's been discussed before -

Daytona

Reply to
Daytona

valuationss.

wouldn't be just a touch of jealousy there? I wouldn't mind being in their position. They make money, people get reasonable rents, wheres the problem?

Reply to
John Bishop

Indeed. If it's the program I saw a while ago, the owner made an effort to buy a lot of houses (if not all) in a small number of streets rather than a small number of houses in a large number of streets. This way she could decide herself who the neighbours were.

Reply to
dp

First time buyers can't get on the property market as they've pushed up prices and reduced availability?

cd

Reply to
criticaldensity

"criticaldensity" wrote

Do you think that section of the population (FTBs) should be given an advantage over everyone else when buying??

Reply to
Tim

Yes.

This government's financial/housing policy penalises those who don't already own a house. We have a minimum wage, so why can't we have sensible council and affordable housing policies?

I'd rather see sensible amounts of affordable housing built, under a scheme that wouldn't sell them to the BTLers.

cd

Reply to
criticaldensity

We used to have those, they were called 'council houses'. Unfortunately (IMHO) they were then sold at knockdown rates to people who promptly made a large profit by selling them. Parasites I call 'em.

Reply to
Tumbleweed

"Tumbleweed" wrote

Yes - at least the BTLs are on an even footing with everyone else; they don't have special schemes (RTB) that make it easier for them!

Reply to
Tim

If so, how do you explain the fact that FTB couldn't afford to buy at the end of the 1980s boom either ?

How much of the total stock do FTBs normally purchase ?

How much of the total stock are BTLers purchasing ?

Daytona

Reply to
Daytona

I don't have the figures to hand (perhaps you do) but is this phase really a parallel of the late 80's one? I'm wondering if FTBs were perhaps a lot more in evidence through the late 80's boom scattering and disappearing only at the very end while by most accounts (I've read!) FTBs have been scarce for some time during this recent boom - and if that is the case, who has been pushing up prices?

Reply to
curiosity

I know two FTBs who bought after the end of the 1980s boom. Admittedly both inherited their deposit from grandma.

Reply to
Terry Harper

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.