Interview: Phil Spencer
The other half of house buying duo on Location, Location, Location with Kirstie Allsop, if anyone can tell you a thing or two about property, Phil Spencer is the man.
When it comes to the property market, Spencer is the first to admit that buying a house 'is not a particularly fun process.' The length of time it can take for the sale of a house to go through amongst other things can all make the process a tad arduous. Nonetheless he doesn't deny that he loves helping other people find their new home.
In terms of what's hot right now he believed properties in London are ones to watch out for.
'It seems to constantly outperform the rest of the market,' says Phil.
As well as London based properties he believes we should all keep an eye out for 'changes in infrastructure'.
'Whether that's transport links, employment or facilities and amenities. There are some big regeneration programmes out there that will see property prices in those areas rise.'
With the recent floods causing millions of pounds worth of damage, does he believe there will be a change in the way we build our houses? Will Britain soon be home to houses on stilts?
'I don't think we will see houses on stilts, maybe we should. It's a difficult one to answer because we need homes, and there is government pressure on councils to free up land, to enable those homes to be built.'
'Maybe we need to get a little better at where we build them.'
With regards to where to build new homes, do we have any other option than to build on floodplains and greenbelt land?
'The moon?!' he laughs.
'That's a kind of hot potato that one. What we need as a society to do is build the right homes where we need them.'
'Before the recession there were a lot of homes being built but not necessarily where they needed to be built. There isn't suddenly going to be a demand for 5,000 two-bedroom flats in the middle of Leeds or Sheffield or Birmingham but that's what has happened. All of a sudden there's an extra 5000 two bedroom flats.'
'That ticks a few boxes, because we've built 5,000 homes which is brilliant but not in the right place. So what we need to be mindful about is not just about whacking up houses anywhere, we've got to build them where people want to live and where they can get jobs and get to and from schools and work.'
So what would his top tips be for buying a house today?
'Buy for the long term, something that is or can be flexible to your needs as they evolve.'
'You might move in when you're single, you might get a partner, you might have children, you might change your job – all those things means that you will start to use your property in a different way.'
'If you own a property that can cope with as many of those as possible, it means you will be able to stay in it for longer, you may not chose to stay in it for longer but at least you won't be forced to move.'
Buying a property that has the option to extend, and thus add value, is also another key thing to take into account.
'You can't rely on the market always adding value to your home. So if you want to out-perform the market you have got to do something. You've either got to buy in an area that changes in the time that you live there, or you have got to have a property that you can change.'
Another of his top tips is before you start looking for a new home, make sure you know exactly what you want.
'Focus your enquiries. Worked out what it is that you want, what are the must-haves, what are the would likes, where can you find that property within the budget that you have. if you can really work that out then your property search will be quicker and much happier.'
When it comes to the property market, Spencer is the first to admit that buying a house 'is not a particularly fun process.' The length of time it can take for the sale of a house to go through amongst other things can all make the process a tad arduous. Nonetheless he doesn't deny that he loves helping other people find their new home.
In terms of what's hot right now he believed properties in London are ones to watch out for.
'It seems to constantly outperform the rest of the market,' says Phil.
As well as London based properties he believes we should all keep an eye out for 'changes in infrastructure'.
'Whether that's transport links, employment or facilities and amenities. There are some big regeneration programmes out there that will see property prices in those areas rise.'
With the recent floods causing millions of pounds worth of damage, does he believe there will be a change in the way we build our houses? Will Britain soon be home to houses on stilts?
'I don't think we will see houses on stilts, maybe we should. It's a difficult one to answer because we need homes, and there is government pressure on councils to free up land, to enable those homes to be built.'
'Maybe we need to get a little better at where we build them.'
With regards to where to build new homes, do we have any other option than to build on floodplains and greenbelt land?
'The moon?!' he laughs.
'That's a kind of hot potato that one. What we need as a society to do is build the right homes where we need them.'
'Before the recession there were a lot of homes being built but not necessarily where they needed to be built. There isn't suddenly going to be a demand for 5,000 two-bedroom flats in the middle of Leeds or Sheffield or Birmingham but that's what has happened. All of a sudden there's an extra 5000 two bedroom flats.'
'That ticks a few boxes, because we've built 5,000 homes which is brilliant but not in the right place. So what we need to be mindful about is not just about whacking up houses anywhere, we've got to build them where people want to live and where they can get jobs and get to and from schools and work.'
So what would his top tips be for buying a house today?
'Buy for the long term, something that is or can be flexible to your needs as they evolve.'
'You might move in when you're single, you might get a partner, you might have children, you might change your job – all those things means that you will start to use your property in a different way.'
'If you own a property that can cope with as many of those as possible, it means you will be able to stay in it for longer, you may not chose to stay in it for longer but at least you won't be forced to move.'
Buying a property that has the option to extend, and thus add value, is also another key thing to take into account.
'You can't rely on the market always adding value to your home. So if you want to out-perform the market you have got to do something. You've either got to buy in an area that changes in the time that you live there, or you have got to have a property that you can change.'
Another of his top tips is before you start looking for a new home, make sure you know exactly what you want.
'Focus your enquiries. Worked out what it is that you want, what are the must-haves, what are the would likes, where can you find that property within the budget that you have. if you can really work that out then your property search will be quicker and much happier.'