Views: Phil Spencer believes that there is a “bottleneck” in the UK housing market due to low listing levels
We asked Phil about property prices, tips for first-time buyers, and the painful topic of overdevelopment in some parts of the country.
Although the process of moving home “should be an exciting process”, problems usually arise because it is “a complex process with lots of moving parts”.
To ensure that the process of moving home is smoother, Phil said his top advice for carriers is focused on “careful planning and preparation”.
He said: “People need to focus on the task and be completely committed to it, but it can be difficult if the buyer is working full time.”
Phil said that although he doesn’t actually move home much when he moves, it’s always well-planned and well thought out.
He said he thinks the move is “necessary” and leaves nothing for the last minute.
However, he was shocked when he bought his last home in Hampshire about seven years ago when a lady in a shop showed him that stamp duty rates had suddenly increased. “It made me really stop and think about how much it would cost me to move,” Phil said.
Prospects for the real estate market
Recognizing that no one has a crystal ball when it comes to the prospects of the real estate market, Phil said that, in his opinion, the low level of listing causes a “bottleneck” in the market.
As for prices, Phil said that although he does not believe that the market will “pop up”, “he needs to calm down.” He added: “At the moment we are in the eye of the storm.”
Amid rising cost of living Phil said that over the next six months more people will be forced to stop advertising, really thinking about whether they can afford to move home or not.
Tips for first time buyers
Phil said that while the market remains tough for first-time buyers, they can take steps when planning and buying real estate.
He says that before buying a home, first-time buyers should “stand very carefully” and look at the purchase in the long run.
“For the first time, buyers need to think about how their lives might turn out in five to seven years, and consider the type of property they really need and want,” he said.
He also recommended, where possible, buying a home that has the potential to expand or increase value. “Acquiring a place that will change for the better while you live there is another important point,” Phil added.
And for those who have found the first home of their dreams, Phil recommended getting a long-term mortgage as soon as possible.
Real estate development in the UK
“We really have a housing shortage,” said Phil, discussing the topic of new buildings.
He said that for many years of work of the expert, no government at that time has not achieved its goal in the field of housing.
Phil said he was “disappointed” that developers could sit on land on which they have a building permit and do nothing with it for years.
As a solution, in his opinion, such sites could, for example, be used as “temporary housing to help vulnerable people.” He believes that modular homes can be a great way to quickly help people in need of housing.
What will happen to Phil?
Phil on Love it or list it is currently acting with Kirsty Olsop, but will be working on a new one Location, location, location screenings after Easter.
He is also “insanely developing” new shows for Channel 4, not all of which will be property-related.
Phil Spencer on property prices and top tips for relocates
Source link Phil Spencer on property prices and top tips for relocates