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#45085 - 14 Feb 07 03:09 London Flat Scheme
chewwyUK Offline
Pujangga

Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
Here as an interesting idea that has just started in the UK. Given the cost of property in London at the moment I can see it being the only way people will be able to buy!


FANCY buying this two-bedroom Woking apartment for 1p?

Apparently, this is not as ridiculous as it sounds. First home-buyers shut out of the property market could get the break they so desperately need under a new scheme which offers properties for a fraction of their market value.

The scheme, called Humraz, auctions properties via an internet bidding process with a twist - the lowest unique (unmatched) bidder wins.

Humraz only allows bids to a maximum five per cent of the property’s value, so this Woking apartment will sell for anything between 1p and £9,000 - a fraction of its £180,000 market value.

The scheme works by charging bidders £3 per bid via the internet or SMS, which allows Humraz to recoup the cost of the property and auction process.

It may sound too good to be true, but founder Asmat Monaghan is adamant the scheme will be a winner.

Asmat was inspired by her daughters’ difficulty getting on the property ladder. The name Humraz is an anagram of her daughter's name.

"My older children really struggled as first-time buyers – as many people do," Asmat said.

"We were convinced we could develop a business to help a few people own their first home. After a year of hard work, Humraz was born."

News of Humraz has spread quickly, with bids already received from every corner of the globe, including Panama and Singapore.
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#45088 - 14 Feb 07 03:38 Re: London Flat Scheme [Re: chewwyUK]
The Great Gonzo Offline
Member+

Registered: 13 Dec 06
Posts: 134
Loc: Big Durian
Interesting idea... on their website you can also bid on electronics, vacations, etc, and of course they make their money because of the amount of people who have to bid before they close the auction for bidding. (for example, for a $1000 item, they might allow 500 bids costing $3 to make the bid... so they get $1500 for the item no matter what bid wins)
Winning, however, is just luck of the draw... it's a bit like a lottery.
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#45090 - 14 Feb 07 03:41 Re: London Flat Scheme [Re: chewwyUK]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
Great Idea, wonder if it work here? Let's do it Chew. Shesca and Kuku could probably help with their fields of expertise.
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#45091 - 14 Feb 07 03:44 Re: London Flat Scheme [Re: riccardo]
chewwyUK Offline
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Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
It does sound like something that would really work over here .. I am just not sure if it would be legal or not .. would it be considered gambling??
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#45092 - 14 Feb 07 03:49 Re: London Flat Scheme [Re: riccardo]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
Don't use the word "lottery" around this country, Dr.g, we'd never get it off the ground. Better to use a euphemism like a "housing opportunity advancement program"
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#45093 - 14 Feb 07 03:50 Re: London Flat Scheme [Re: riccardo]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
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No, Chew, definitely don't mention the word gambling. I think you meant to say a "fair and transparent auction".
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#45095 - 14 Feb 07 03:52 Re: London Flat Scheme [Re: riccardo]
chewwyUK Offline
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Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
it is an interesting prospect ... what do you think people in Indonesia would pay to bid? 10.000 ?? 20.000 ??
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#45096 - 14 Feb 07 03:53 Re: London Flat Scheme [Re: riccardo]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
"An equal opportunity housing advancement auction strategy"
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#45100 - 14 Feb 07 03:56 Re: London Flat Scheme [Re: riccardo]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
I'd say Rp50k.... you wanna keep some of the riff-raff out, it wouldn't look good if neighbors raised a fuss about who was moving into their neighborhood or apt and then started a campaign against the whole thing.
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#45103 - 14 Feb 07 04:03 Re: London Flat Scheme [Re: riccardo]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
Don't forget, this is an extremely wealthy country, the top 15~20% of the people (that's around 45 million people) are upper middle class or full-on millionaires (in US$ terms). There are more rich people here than the entire populations of Canada and Australia combined. 45 million people can easily afford Rp50k, they love ..er "auction strategy opportunity programs" and nobody is ever too wealthy to turn down an opportunity at a new apartment for a few bucks (Rp50k + the Rp1,000 they bid).
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#45104 - 14 Feb 07 04:05 Re: London Flat Scheme [Re: riccardo]
chewwyUK Offline
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Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
I think the idea rick is to make money and to give people the chance to own property they would not normally have access to!
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#45105 - 14 Feb 07 04:19 Re: London Flat Scheme [Re: chewwyUK]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
Yes, indeed, that's how you'd promote and market it just like Ms. Monaghan has done, but Rp50k would be something that hundreds of thousands of young working families could afford, but they still would never be able to afford strategically located property in Jakarta. And 92% of the people here, that's the lower classes and some middle class people don't have access to internet. Well no point fussing all the minor details now, we should look into it.

Another thing to consider would be internet/e-commerce problems. This country, with nearly 19 million internet users (ranked in top-20 globally, but only accesses 8% of the population), is ranked like 150th in terms of e-commerce, mostly due to fraud and distrust. I have the latest stats on that stuff.

A better way to run it might be via SMS, as there are over 45 million HP owners/users here, including about 20% of people from the D-class (ACNielsen's categories: "A" being the richest and "E" the poorest).
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#45106 - 14 Feb 07 04:25 Re: London Flat Scheme [Re: riccardo]
KuKuKaChu Moderator Offline
Pooh Bah

Registered: 09 Oct 05
Posts: 10790
Loc: Centre of the Universe
a plan like this i think is barely feasible in the west. here, for 2 main reasons, it won't stand a chance.

first, it's gambling. no ifs buts; it will be viewed as gambling without any doubt, and will never be allowed to operate.

second, do you think indonesians would trust the operators of such a scheme to act honestly? i don't think so.
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#45107 - 14 Feb 07 04:31 Re: London Flat Scheme [Re: KuKuKaChu]
chewwyUK Offline
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Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
They do most of the bidding via SMS in the UK ... unfortunatly kuku is right. The major problem will be that of trust ..
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#45108 - 14 Feb 07 04:31 Re: London Flat Scheme [Re: KuKuKaChu]
riccardo Offline
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Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
that'd be the biggest key, transparency and assuring total honesty, how to do that?????

I've got a good idea, but I think better not to give any more ideas publicly lest someone steal the idea.... We should all meet to discuss. I'll see you at the pub around 7pm Kuku, you too Cheww
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#45110 - 14 Feb 07 04:37 Re: London Flat Scheme [Re: riccardo]
chewwyUK Offline
Pujangga

Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
sadly ric tonight I will be on a mission of romance ... need to get a few things sorted out for tomorrow. I was meant to do it last night butwas stuck in EP drinking with Dilli
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#45112 - 14 Feb 07 04:40 Re: London Flat Scheme [Re: chewwyUK]
Dilli Offline
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Registered: 26 Feb 06
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Loc: Nearest Bar
Take her to TG, go on, be a man!
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#45114 - 14 Feb 07 04:50 Re: London Flat Scheme [Re: Dilli]
Piss Salon Offline
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Registered: 27 Jun 06
Posts: 4039
Loc: Jakpus
If it sounds too good to be true it usually is.

However, Woking doesn't sound particularly appealing, so it may very well be factual.

Woking: Chewbacca getting it on with the Mrs?
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#45115 - 14 Feb 07 04:52 Re: London Flat Scheme [Re: Piss Salon]
Dilli Offline
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Registered: 26 Feb 06
Posts: 8044
Loc: Nearest Bar
He's chasing his "wookie!"
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#45117 - 14 Feb 07 05:07 Re: London Flat Scheme [Re: Dilli]
Piss Salon Offline
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Registered: 27 Jun 06
Posts: 4039
Loc: Jakpus
Wookie Nights
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#45118 - 14 Feb 07 05:07 Re: London Flat Scheme [Re: Dilli]
chewwyUK Offline
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Registered: 14 Sep 06
Posts: 2392
Loc: Jakarta
comedy central in here isn't it
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