Managing Partners Limited, an investment adviser and fund manager, is in the process of acquiring almost an entire street of houses in Portsmouth at prices as much as 40 per cent below official asking values.

Most of the purchases are repos, none were for more than £100,000. Two years ago, they were changing hands around the £200,000 mark. And we're supposed to believe only fools are buying now? At this kind of discount, and assuming you're in a position to afford the debt and find the tenants, there's surely not much risk. It's all - as it always is - about the deal.

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