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princeperch
I wasn't thinking of making a profit in terms of buying it to flip, more that you'd possibly be living in a house that in the long term came to be worth more than you'd put into it, and feeling like you'd got a good deal and done it to your taste. It's definitely not a short-term investment, but perhaps it's not really a long term one anyway.
I hear the hottest location is now "Aldersbrook South" or "Wanstead Borders", which is the area near Plashet Park and East Ham tube station.
Keep an eye out for houses there and please do what you can to help create a buzz.