Godlberg, I'm not saying buy with a 100% mortgage, thats a separate issue.

I'm argueing one should only part with thier money once a property is actually delivered as there is so much supply out there, it is simply adding to the gamble by paying up front fro pre built property - why bother.

You might argue in the past one could expect capital growth during the build phase but this is unlikely now and in any event there will always be investors looking to sell on at completion due to changes in thier circumstances, so you may as well buy one of those (for the original off plan price) rather than take a risk on a developer.

Also you say no one got rich investing in cash, I used share your sentiment, however the point about storing cash is that you can use it to very good effect when golden opportunities arrise (for example credit crunches).

The late head of Marconi had built billions in cash for the firm, then along came whizzkids fresh off MBA courses that bought up the company and 'invested' in the dotcom boom losing the lot in the process........

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year