Phil Spencer, age 49, is something of a property expert. Back in the 1990s, he studied as a surveyor, and some years later, he went on to found a property search company. Not only is he the co-presenter on the Channel 4 show Location, Location, Location, alongside Kirstie Allsopp, but the TV star remains an active property investor and landlord. The father-of-two recently chatted exclusively to Express.co.uk, which saw him shed some light on what he thought property owners should be doing in 2019.
It’s often the most expensive investment you’re ever likely to make, but purchasing property can mean many people see their personal wealth grow in the future.
However, with the housing market competitive, it seems that being active in boosting the worth of your property is pretty important.
According to Phil, it’s taking advantage of opportunities to add value to the home, while you’re living there, which is crucial.
“The market is not going to be rushing away from us in the next five years, to be realistic about that,” he told Express.co.uk.
“I don’t believe it’s going to be falling, but it’s not going to be climbing at any significant rate.
“But if your house is a stepping stone, it’s not your forever home, then in order to generate equity to help you move to the next home and climb up the ladder, you’re going to have to do something to the house which means it outperforms what the market does.”
Expanding on what he meant, Phil said: “If the market was to climb 10 per cent, you’d need a house that would outperform that 10 per cent.
“You’re going to need to improve it; make it bigger, or renovate it, or change it.”
But what about those who are prospective buyers?
Phil was on hand to part some wisdom to those who may be looking to buy in the near future.
“Look for a house that you can stay in for the longest possible amount of time, simply because the costs of moving are so high nowadays,” the businessman and TV presenter advised.
“If you can stay in it for 10 years instead of five years, so much the better.”
Elsewhere in the interview, Phil addressed the topic of Brexit – and whether the UK’s impending departure from the European Union (EU) would affect the housing market.
“I think Brexit’s already had its effect to be honest,” he said, when quizzed on the issue.
“Because the volume of transactions, the number of deals, are so low at the moment – and that’s perfectly understandable -because there’s so much uncertainty about.
“It’s not that the market is profiting, it’s just that the market isn’t going anywhere, because nobody is buying and nobody’s selling. Why would you in this market?”
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