Last night's beer festival; picking up bf at the end. Spoke to bf's friend's boss briefly. Found out this morning that he wasn't lying and actually IS a genuine, self made multimillionaire. Feel REALLY stupid for not listening to him properly but what I gleaned was:
a) He's got the cash ready to snap up the BTL portfolios of desperate sellers being repossessed, who have more than 20 properties, and he's not going to be paying more than 35% of the mortgaged price. This is all over the country but mainly in university towns. He did something similar back in the early 90s.
b) whatever has been happening so far and has been reported regarding the amount of debt people have to deal with, you haven't seen anything yet. Now that the banks have sorted out their tiff with the IVA companies there will be a motherfucking avalanche of bankruptcies (IVAs are just lightweight bankruptcies).
c) We haven't even started to see the real impact of what's been happening in the city, and it's going to get much worse than in the US. (That's why the tories are getting back in power, so they can sell off whatever's left of national assets I guess.) A real bloodbath coming up in September.
So from this I can assume there is going to be a lot of big purchases from people having a 'last blowout' (this happens to those who are about to go bankrupt) and a lot of comfort buying after xmas (people buying useless crap like toiletries, or whatever it is men buy for themselves to feel better that isn't from the top shelf) when they have to move into a crappy shared house or council bedsit.
a) He's got the cash ready to snap up the BTL portfolios of desperate sellers being repossessed, who have more than 20 properties, and he's not going to be paying more than 35% of the mortgaged price. This is all over the country but mainly in university towns. He did something similar back in the early 90s.
b) whatever has been happening so far and has been reported regarding the amount of debt people have to deal with, you haven't seen anything yet. Now that the banks have sorted out their tiff with the IVA companies there will be a motherfucking avalanche of bankruptcies (IVAs are just lightweight bankruptcies).
c) We haven't even started to see the real impact of what's been happening in the city, and it's going to get much worse than in the US. (That's why the tories are getting back in power, so they can sell off whatever's left of national assets I guess.) A real bloodbath coming up in September.
So from this I can assume there is going to be a lot of big purchases from people having a 'last blowout' (this happens to those who are about to go bankrupt) and a lot of comfort buying after xmas (people buying useless crap like toiletries, or whatever it is men buy for themselves to feel better that isn't from the top shelf) when they have to move into a crappy shared house or council bedsit.
