It seemed like a one-way bet and many a wealthy gambler bought apartments in Manchester "off plan" in the confident expectation that, by the time construction was complete, they would have made a packet. How times change!

The market is now in such a dreadful state it is tempting to imagine one only has to buy an apartment to guarantee a loss but I wonder if anything is ever quite that simple. Here's an example of what I mean.

Suppose some lunatic were to build a block of luxury apartments in the Cathedral Close of a northern city. Of course, city centre living is not everybody's cup of tea, but suppose the block had its own underground car park and security and its own exclusive swimming pool, sauna, Jacuzzi and gymnasium; an oasis of peace, prestige and prosperity, a stone's throw from the Cathedral, railway station, the central business district and all the facilities of the town.

And then suppose that, because of the state of the market, one could buy a perfectly lovely little apartment there for less than £90,000. Could one possibly lose money on such a purchase? Or, to put it another way, how could one avoid a profit, on a two or three year view?

The other day, Margo Grimshaw, one of the most colourful characters Blackburn has ever produced, took me round her development at Cathedral Court, Blackburn. Margo loves Blackburn and wants the very best for it. To her mind, there is no reason at all that Blackburn should not have the sort of luxury that cities like London enjoy.

If a young lawyer in London can roll out of bed in Paternoster Square, in sight of St Paul's Cathedral, and stroll to work at London Wall, there is no reason his Blackburn counterpart should not wake up to a view of Blackburn Cathedral and stroll over to Richmond Terrace. And good, brave Margo has put her millions where her mouth is and built the experience. But here's the difference. The bright young thing in Richmond Terrace has not recently been able to find anything good enough in Blackburn. He/she has been forced out of the town and has had to spend upwards of £200,000 to find anything to match his/her lifestyle aspirations.

If only I were young again. A glass of wine, after work, in town and an invitation to the pretty young thing to amble past the Cathedral with me to a swim and a Jacuzzi at home. It is an irresistible prospect and the notion that it can long remain as cheap as it is today is preposterous. If only I were a little younger! Thank God for Margo Grimshaw!