Britain’s biggest landlord has been caught in the 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 is a property tycoon, who announced his intention to sell his entire £250m portfolio at the end of last year, saying that he was sorry to give up his properties but “common sense must prevail” and that he wasn’t “getting any younger”.
Wilson was planning to offload his entire portfolio of around 900 houses to a pool of foreign investors, which include both wealthy individuals and institutions.
However the Telegraph revealed that the property tycoon is still waiting for a large number of exchanges to be completed, indicating that a large number of deals could potentially collapse amid the turbulence.
Lawyers and property firms are warning that a 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 with hopes that prices will fall over the coming months and years.
The Partnership, a property firm, claims that around 50% of deals were collapsing, a level it describes as “unprecedented”. A number of other firms have also reported that residential deals were falling through.
The market panic and buyers pulling out of deals did not discourage Mr. Wilson, who believes other buy-to-let investors will become richer as a result of the UK’s vote to leave the EU.
He claims that, “tighter immigration policies proposed by Boris Johnson and Michael Gove are likely to lead to better quality tenants”, despite admitting that the vast majority of his tenants are from Eastern Europe who work low skilled jobs but “are cash rich”.
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