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Britain's biggest landlord caught in Brexit turmoil - as he attempts to sell 1,000 properties


06-27-2016

 

Fergus Wilson 
Fergus Wilson says Brexit could be good news for Britain's landlords  Credit: Julian Wilson 

Britain's biggest landlord has been caught in Brexit turmoil as he attempts to sell 1,000 properties just as buyers are stalling and pulling out of deals en-mass over market fears.

Fergus Wilson had planned to offload his entire portfolio of around 900 houses to a pool of foreign investors, which include both wealthy individuals and institutions. 

But the Telegraph can reveal that the property tycoon is still waiting for a large number of exchanges to complete, meaning some deals could potentially collapse amid the turbulence.

Ten years ago I housed a lot of single mums and battered wives who were a good category of tenant. They were pretty good at paying the money and looking after the houses. But then in about 2005 the eastern Europeans started coming and they made really good tenants. I haven't advertised a property for five years because they always ask - can my friend move in?
Lawyers and property firms are warning that large numbers of buyers are postponing or pulling out of property deals as a result of the Brexit vote, over fears that economic uncertainty would make their purchase unaffordable or hoping that prices will fall over the coming months or years.

A number of firms have reported that residential property deals were falling through with one firm, The Partnership, claiming 50 per cent of deals were collapsing, a level it described as “unprecedented”.

www.telegraph.co.uk//

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