Phil Spencer admits ‘struggle’ to let flat in London as region ‘falls out of sync’ with UK
Renting: Expert says market ‘will improve’
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Location, Location, Location co-presenter Phil Spencer shared a UK housing market update on Move iQ’s YouTube Channel. The Move iQ Founder was joined by a plethora of local property experts who are all members of Propertymark, a professional body for the property sector. He was joined by Liana Loporto-Browne who represented Northwest London, Mary Louise Press from County Down, Russell Griffin from the Northwest Midlands, Gill Hunt from the Channel Islands and Georgina Cox from Northwest England.
The property experts discussed everything from average house prices to managing property chains.
Phil said he has been “fairly busy” recently filming the new series of Location, Location, Location with his colleague Kirstie Allsopp.
However, he said wherever he has been in the UK filming for the show over the last few months, the property market has been “pretty frantic”.
“I haven’t seen a market as competitive and as busy as this right now in the last 25 years,” he added.
Phil also discussed how London has “fallen out of sync” with the rest of the UK when it comes to property.
While the rest of the country has seen prices skyrocket and markets boom, London has trailed behind.
Liana Loporto-Browne of Liana Loporto Property said: “I think for once London has fallen out of sync with the rest of the UK.
“We haven’t seen the frantic surge in prices like the rest of the UK.”
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However, Ms Loporto-Browne said there have been “certain types” of property that have been popular.
She continued: “We’ve seen increases in certain types of property like family homes with a garden.
“However, one and two-bed flats with no outside space, there’s been an oversupply of them.
“They’ve been sitting on the market.
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“I did a valuation the other day and I think we did a search and there were about 54 one-bedroom properties in a half-mile of the property I was valuing.
“So, certainly the family home with the garden has increased in value more than any other properties.”
Phil said it’s “interesting” that the London market hasn’t led the more regional markets but that it has been the other way round.
Phil asked Ms Loporto-Browne whether smaller flats in London or more metropolitan areas will gain popularity in a few years’ time.
She explained: “People have moved out of London because they don’t need to be in the work environment as much as they used to be.
“So whether that is going to change or not is a great unknown.
“However, the buy-to-let market should come back.
“There should be more demand for the rental market so I would think that yes, it is going to improve, and it’s just a matter of time before it does.”
The Location, Location, Location co-presenter said he is “hoping” the London market does improve as he’s trying to rent out a flat in London.
“I’m trying to let a very small flat in London at the moment and rather struggling,” he laughed.
Location, Location, Location airs tonight on Channel 4 at 8pm
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