It was originally proposed that this paper should be entitled ‘Property Investment’, but it was found to be quite impossible to condense such a subject satisfactorily. Also, a paper was presented to the Society some eight years ago entitled ‘An Introduction to Property Investment’, by Lane and Leach (J.S.S. 5, 166). It is thought that the two papers can be read together with advantage. What has been done in this paper is to provide a series of statements and opinions with a view to provoking thought and discussion. Many points may be raised which have been left out. Much, no doubt, has been put in which is obvious and elementary.

We are concerned with Property Investment on a long-term basis, i.e. we are not concerned with speculation, namely, the quick purchase and re-sale of property to make a profit; furthermore, we are not concerned with House Purchase schemes. It must also be emphasized that this paper relates to England and Wales and not to Scotland. In the authors' view, basically sound property investment as distinct from owner occupation is very difficult indeed to achieve in Scotland, owing to rating complications, low yields, horizontal ownerships and other legal difficulties.