Another property investment falls through

I contacted the estate agents about that £100k 2br house I was considering investing in. It turns out it had already been sold last week! The catch was that it needed an additional £60k of work done on it for major subsidence, so not such a bargain after all! My due diligence would have picked this up in the survey stage, but it goes to show that any real bargains are rare.

Any good properties will be hotly contested by other investors. I have made a more detailed analysis of the current property market, and found it wanting. For 100% of property investments I have so far looked into, the numbers just do not stack up.

A news report in The Times is saying that banks are promising many mortgages, but are not actually allowing many people to have them. It's important for people to be able to get bank financing as they can then buy my investments off me for a higher price, enabling me to make a nice profit. If there is nobody to sell to, then the investment becomes problematic.

The Times business section says that homeowners are currently being repossessed at an alarming rate, but this does not seem to have filtered through to the market yet. I am not seeing any real bargains yet, or even decent investments, so it seems I will just have to wait a bit longer. I only enter the property market to make money, not to lose money. I will have patience and wait for about a year before I dip another toe into the property market. And I will always do my due diligence.