Singing Pig

And £35K in the bank will net at least £2K interest (at 6%)

If property continues the slow decline over the next two years (and that is my opinion) then there will be a pot of almost £40K to buy back in - and no doubt obtaining significantly more property than now. 

Blazinsun:

Thank you so much for your reply.

Paid £90k Mortgage £70k Value about £130k

Work needed about £5k. 

Income per month £1040 (£260 per flat per month)

Now THAT is a big problem. Is it really worth selling at a 25% discount when it makes such good cashflow? Should this be taken into account? Do i want the hassle of owning a property half way round the world?

Good question- I am from australia too! I think with the exchange rate (ofcourse this is going the Australian dollars way at the moment but u know it wont last!) I would consider renting it out-unless u really desperate for a house in Australia-but u should wait as Brisbane is sky rocketing at the moment but the credit crunch will hit there too-so u really need to wait for the drop like here in the UK. It all depends where u will be in Australia. The rental income is terrific and u know how valuable UK housing is and will be.It depends how despearte u need housing-why dont u get a caravan/or a houseboat-u know how easy it is without a house there-It is difficult it all depends on your needs but the crunch will come to australia so I would wait-timing is the key!