Imaginary profits dry up
The Sunday Times Money section contains one of my favourite reads of the week – Fame and Fortune, an interview with a celebrity about what they do with their money. One question always asked is, “Property or pension?” For the last five years, pretty much every single one has answered “property”. They’ve explained how you can’t go wrong with bricks and mortar; revealed what they paid for their Islington townhouses and country cottages and how much they believe they are worth now; praised the free-money qualities of buy-to-let; and positively gloated over the imaginary property profits lining their designer pockets.
No more. This week’s interviewee, impressionist Jan Ravens (homes in Barnes and Cornwall), didn’t seem so sure. She went so far as to accept that the property market looks “grim”, and even said that while property was probably best for “the long term”, she feels that the “best possible thing to do is diversify”.
Growing numbers of celebs must wish they’d done just that.
• Read the full editor’s letter here: Imaginary profits dry up