This should answer your question...
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Property pundits still believe it's worth buying a second home
But one thing I definitely wouldn't recommend is buying a second property.
That goes without saying, surely? But no, it seems that even amid the greatest financial crisis in a generation, the property pundits are still trying to stick their oar in for bricks and mortar. According to Anne Ashworth in The Times, some cash buyers have decided they'd rather stick their money into a dilapidated property and board it up for a few years than 'risk' it in a bank.
That's possibly the stupidest thing I've ever heard. Property is an extremely illiquid asset. It's also one of the most dependent on easy credit for its value. So if you buy property right now, no matter how cheap it looks, you are losing control of both when you can get your money back; and pretty much guaranteeing that your capital will depreciate as the market continues to weaken.
Maybe a block of gold in the garden would be a better bet. I cannot figure out anything in this current turmoil. Nothing makes any sense and what's worse the experts don't seem to have a clue either.
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