I was encouraged by Redmayne Smith to purchase an off‑plan investment in Liverpool, and the experience has been stressful from the start. Securing financing was extremely difficult, as most banks were unwilling to lend on this type of property—something I wish had been made clearer before I paid the holding deposit. A year on, the investment has underperformed and I’m now facing overall losses. I am also facing a massive loss if I sold the property as there is just no demand for it. So now I am forced to hold on to a loss-making investment and hope that in a few years I can at least sell it for the same price I bought it for. Based on my experience, I did not feel adequately informed about the risks or practical challenges involved, especially for someone that could not buy with cash.
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