10th
Jul 2014
The Wilson's who own Britain's largest portfolio of buy-to-let properties, have decided to sell up and leave the private rented sector.
They have between them approximately one thousand properties mainly in the Ashford and Maidstone areas and it is very likely that they should be taking home net of £100 million from the sale.
There has been much coverage within the national media about the couple, however their latest decision could mean that the property prices in these areas have reached their highest value and will not increase any further.
In 2006 they started to expand their portfolio in earnest and were at one time buying a property daily.
Fergus Wilson says that the reason why the couple are selling is because that local property prices have increased above the 2007 level and therefore he felt it was time to put his properties up for sale.
In a typically colourful email he sent to the Guardian he wrote:
"We are selling up the whole lot! The market has recovered and passed the 2007 level.
"Who to? An intermediary is handling it. Is it China Money, Indian Money, Saudi Money? We will see. I am sure there will be much interest. It has been going on for just over three months and another three to run. I would like it to end up in English hands but it is a case of who will pay top dollar!"
He also stated that it was their intention that all existing tenants need not worry, as their contracts will be ported across to whichever landlord or company that purchases the portfolio and said: "We are protecting the Agents and Tenants who pick up a new client and landlord respectively. That is important to me. I will be broken hearted to say goodbye to my property portfolio but I cannot take it with me! It has been a lot of fun over the years."
According to a local estate agent the houses on the Park Home Estate in Ashford that the Wilson's own, which are two and three bed-roomed properties, have increased in value from 2009 of £150,000 to approximately £185,000.
A partner in the firm said: "Over the last 18 months we have seen a strong recovery,".
In line with the property price rises, so too have rents increased with the average in 2008 of £725 per month has risen to £1,000.
Details of the price Wilson is hoping to achieve and level of mortgage debt are not forthcoming from the landlord.
However in 2010 he did disclose that figures between worth of properties and his mortgage debt "is around £180m, although it was as high as £225m."
This is second time the Wilsons have attempted sell off their portfolio, the first ill fated attempt did not go ahead because of the economic crisis.
Ever the eternal optimist Wilson says that after selling up he will be quite prepared to offer advice and help to the government on their housing policy.
Wilson said: " I might help sort out the Governments Housing Problem if they pay me enough money but I am not doing it for free! There is no magic wand to create overnight the number of houses required to overcome the Housing Crisis."
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