Phil Spencer admits that letting a flat in London is a “struggle” as the region “falls out of step” with the rest of the country.
PHIL SPENCER said he is currently “struggling” to rent out a flat in London, citing the capital’s property market as being “out of sync” with the rest of the country.
Phil Spencer, co-host of Location, Location, Location, gave a UK housing market update on Move iQ’s YouTube channel. A number of local property experts who are all members of Propertymark, a professional body for the property sector, joined the Move iQ Founder. Liana Loporto-Browne, who represented Northwest London, Mary Louise Press, who represented County Down, Russell Griffin, who represented the Northwest Midlands, Gill Hunt, who represented the Channel Islands, and Georgina Cox, who represented Northwest England, joined him.
Everything from average house prices to managing property chains was discussed by the property experts.
Phil has been “fairly busy” recently filming the new series of Location, Location, Location with his colleague Kirstie Allsopp, according to Phil.
However, he said the property market has been “pretty frantic” wherever he’s been filming for the show in the UK over the last few months.
“In the last 25 years, I haven’t seen a market as competitive and as busy as this,” he added.
Phil also talked about how, when it comes to property, London has “fallen out of step” with the rest of the UK.
London has lagged behind the rest of the country in terms of rising prices and booming markets.
“I think London has fallen out of step with the rest of the UK for the first time,” said Liana Loporto-Browne of Liana Loporto Property.
“Unlike the rest of the UK, we haven’t experienced the frenzied rise in prices.”
Ms Loporto-Browne, on the other hand, said that “certain types” of property have been popular.
“We’ve seen increases in certain types of property, such as family homes with gardens,” she continued.
“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. “Brinkwire Summary News”.