ben
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Post by ben on Jan 17, 2016 20:30:21 GMT
I have a feeling this will be more popular than the last one & we see a lower portion than 75% dished out. Will find out tomorrow. Its slightly higher price to begin with although to be honest if only get 50% of what I put down I be quite happy. Although it is good news that they can raise far more then they need each time so properties should come up fairly often as demand appears there
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j
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Penguins are very misunderstood!
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Post by j on Jan 17, 2016 21:08:16 GMT
It would be fantastic (for us at least) if the likes of pp & pm say were to merge. They, imo, seem to cater for different markets & use different strategies. If the two combine (or their ethos essentially) the net would spread wider & they'd have better bargaining power. Economies of scale & costs might eventually push some of the sites to combine?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 17, 2016 23:43:15 GMT
Well I thought Id give it a whirl & dip a toe. Sign up process was somewhat confusing as I seemed to be signing up for a mailing list but eventually a registration screen appeared (not quite sure how) and from there on seemed straight forward (I await to see if Ive passed the ID check) Transferred a minimum sum and thought Id give the prefund ago only to find there's a £250 minimum theyd forgot to mention in any of the blurb/FAQs etc. Slightly disappointing. I take it I can still invest through FFF at 12.30am Tuesday? How does the 2% fee work? If I invest £50 it takes £1 and invests £49 or I have to invest enough so the net investment after the fee is £50+? (For once I get to play the newbie & ask the questions )
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ben
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Post by ben on Jan 18, 2016 0:22:30 GMT
Well I thought Id give it a whirl & dip a toe. Sign up process was somewhat confusing as I seemed to be signing up for a mailing list but eventually a registration screen appeared (not quite sure how) and from there on seemed straight forward (I await to see if Ive passed the ID check) Transferred a minimum sum and thought Id give the prefund ago only to find there's a £250 minimum theyd forgot to mention in any of the blurb/FAQs etc. Slightly disappointing. I take it I can still invest through FFF at 12.30am Tuesday? How does the 2% fee work? If I invest £50 it takes £1 and invests £49 or I have to invest enough so the net investment after the fee is £50+? (For once I get to play the newbie & ask the questions ) I found the sign up quite straight forward took about a day before I could invest though For preorder £250 is min or can wait till Tuesday, you can also buy shares in other property, it works out the 2% each time you make a purchase so say you wanted to invest £10 in a property and shares were 50p each you would get 19 shares at £9.50 and then it would charge you 2% on top of that.
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Post by highlandtiger on Jan 18, 2016 9:00:35 GMT
If you buy on the SM, don't forget there is an extra 0.5% stamp duty cost to factor in as well as the 2% fee.
But I have noticed that just before a new property comes online, there are often quite a few properties being placed on the SM being offered at 2% or more discount on the latest value. I'm assuming it's people selling older properties, (cashing in on the original boost from the properties that PP bought at a discount on market value), and using the money on the next "sure" thing.
It's certainly a way for getting a diversified portfolio on the cheap so to speak for people new to PP.
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Post by highlandtiger on Jan 18, 2016 9:08:33 GMT
Well I thought Id give it a whirl & dip a toe. Sign up process was somewhat confusing as I seemed to be signing up for a mailing list but eventually a registration screen appeared (not quite sure how) and from there on seemed straight forward (I await to see if Ive passed the ID check) Transferred a minimum sum and thought Id give the prefund ago only to find there's a £250 minimum theyd forgot to mention in any of the blurb/FAQs etc. Slightly disappointing. I take it I can still invest through FFF at 12.30am Tuesday? How does the 2% fee work? If I invest £50 it takes £1 and invests £49 or I have to invest enough so the net investment after the fee is £50+? (For once I get to play the newbie & ask the questions ) The £50 minimum is only relevant when buying new properties, although it is a bug bear of a lot of people, (and PP are aware of this issue), that when prefunding they have a lower limit of £250. Currently the Prefunding is being administered by hand, hence the £250, to try and lessen the number of applications to go through manually, and it is in a trial phase, so this figure may change. But don't hold your breath. New properties using fff, the minimum is still £50. However on the secondary market there is no minimum. You could buy just one share for a few pennies if you so desire, although you could be waiting 6 months before getting your first penny of rent doing that.
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hazellend
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Post by hazellend on Jan 18, 2016 17:27:57 GMT
This one was hugely oversubscribed 33% allocated
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ben
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Post by ben on Jan 18, 2016 17:32:12 GMT
This one was hugely oversubscribed 33% allocated Thats a massive decrease from 75% on the last one and the block cost more Although next one up on Wednesday so see how that goes.
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j
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Penguins are very misunderstood!
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Post by j on Jan 18, 2016 17:36:53 GMT
I was expecting around the 50% mark. That has taken me by surprise. i wonder if it's all the btl private landlords switching their funds to pp
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ben
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Post by ben on Jan 18, 2016 17:56:20 GMT
I was expecting around the 50% mark. That has taken me by surprise. i wonder if it's all the btl private landlords switching their funds to pp The only problem can see now were going to get to a SS type situation everyone prefunding more then they want suppose at least in this case you need to actually have the money available and waiting
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hazellend
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Post by hazellend on Jan 19, 2016 12:41:38 GMT
Feeding frenzy, didn't get any extra. Hardly believable that property prices might crash with this type of demand.
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ilmoro
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Post by ilmoro on Jan 19, 2016 13:16:44 GMT
Feeding frenzy, didn't get any extra. Hardly believable that property prices might crash with this type of demand. I had a look at 12.30 just to see how it works and nothing happened, refreshed a few times (seemed very slow) and then decided that it was all prefunded so looked at something else 12.36 showed fully funded. I take it PP idea of time is somewhat flexible? Nice site but I get the feeling that PM is probably a better bet if you dont prefund.
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j
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Penguins are very misunderstood!
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Post by j on Jan 19, 2016 18:26:56 GMT
Feeding frenzy, didn't get any extra. Hardly believable that property prices might crash with this type of demand. I had a look at 12.30 just to see how it works and nothing happened, refreshed a few times (seemed very slow) and then decided that it was all prefunded so looked at something else 12.36 showed fully funded. I take it PP idea of time is somewhat flexible? Nice site but I get the feeling that PM is probably a better bet if you dont prefund. Logged on @ 12.30, the sale process did not start till 12.36-12.37, as it came on line (I'm sure I was one of the first in queue as I was refreshing & wanted to get a barometer of the demand), put an order for a small amount (less than £100) in, could not have more than 20 secs at most after the loan initially came on screen but was declined as the whole lot was gone! Puts our moans about SS to shame! Is this the new more improved SS take 2 I wonder? It must have gone to a single big hitter as I cannot believe multiple buyers beat me to it all in the space of 20 secs or so
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ben
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Post by ben on Jan 19, 2016 20:51:59 GMT
I suppose the best bet is to try to get what you want to begin with only down side you need money there waiting but then at least stop people putting £1000's down and only wanting a little amount keeping it for a few days then selling it for a profit
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j
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Penguins are very misunderstood!
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Post by j on Jan 19, 2016 21:09:15 GMT
Their process is actually not too bad as they allocate 90% to pre-fund & 10% only to open market. They might become like SS were recently & have pre-fund open to abuse by big hitters who will happily put thousands of ££ in with very big pre-fund requests regardless.Theonly way to tackle it is refuse to buy unless at par on aftermarket - unfortunately many won't & will still pay a premium which encourages the quick buck mentality
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