The question to ask yourself is: can you AFFORD to pay extra every month on average (on top of getting zero cash return on your deposit), while GAMBLING on its appreciation?

I myself have done a course/seminar for professional investors here in the UK.

I would sell now and take the loss as opposed to gambling and risking a greater loss in the future.

I'd love to chat with folks from the UK (Eng) market.

I have a property in Ireland in mind and have asked if the sellers will carry, but could also do a private money loan from the US or UK, and as it will be operated as a business (rental) would be open to a JV as well.

You're gambling that the market will act in some future way banking on the 'the past indicates the future' principle.

@Cal C: Yeah, I work at the JAC, but I don't have any interest in UK real estate. 

I have always been pretty frugal and think some things are a waste (gambling or designer clothes) but some things are worth the spending (travel)  I was actually in Vegas this past weekend with some friends who were gamblers.  

Fix the foundation, button up the outside and let it go to tax sale in 2 years and gamble on the overage.  

The sexy areas are a gamble on appreciation, I'd look for cash flow.I'm in Houston and can't touch anything within a 5 mile radius of my house where rent numbers work.