Is it still possible to renovate properties for profit?

[nikos]

There are some real bargains around at the moment and we are thinking of dabbling. Anone doing this/havedone this recently?

We've looked at some properties with this in mind, but have found that by the time you've added reasonable costs for new roof/kitchen/wiring etc then the figures don't stack up. I think the only way to make a profit would be to either do it all yourself or buy a property where you could do something pretty fundamental like split the garden and build another house on it.

I'm in the NE by the way, and prices locally have only dropped 10%. Where are you?

We are in the NE as well but are about to sell a property we own in the south so will have some cash. I think there are more opportunities if you get to know the agents/do the auction houses.