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I think that all the BTL scene has made people loose a bit of focus over what houses are about, primarily they're about homes, so if the reasons for buying are about buying a home then there is more to it simply than cost you buy at and cost you sell at.
However, if it's for speculation/investment, then that's a different kettle of fish.
Ask yourself what can you afford to loose on it? If it's nothing, then I wouldn't invest right now.
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