Monday, 04 July 2022

Ownership and adding value to home is way to go

Ownership and adding value to home is way to go

PROPERTY expert and co-presenter with Kirstie Allsopp of Channel 4’s Location, Location, Location, Phil Spencer, has shared his tips for homeowners in the post-lockdown era.

Mr Spencer said: “There is often a perception in the housing market that the experts are totally clued up on what’s to come, but we’re keeping things schtum.

“But the truth is, we’re as in the dark as anyone else at times. The task in hand is to examine the detail, listen to financial announcements and spot the trends. If you can do that, then you can give yourself a pretty good steer on what’s to come.”

There was a high level of demand for property last year, with fast price increases and more potential buyers than sellers.

Mr Spencer said: “It will be interesting to see how 2022 plays out. But when you have a real housing shortage — to the point where I don’t remember a single year when enough houses have been built to meet the government target — prices will increase.”

He still believes, however, that getting on the housing ladder is a something to aim for. Mr Spencer added: “It is certainly more difficult now than ever before, but I would encourage people to get on the housing market if they can.

“I have always been a firm believer in home ownership, and perhaps we are looking at the future with a sense of wanting to cement security after everything that has happened over the last couple of years.”

For people who already have mortgages, Mr Spencer also had some advice. He added: “I’d encourage them to look for opportunities to add value to their properties.

“Don’t rely on the market doing that for you. I believe the market will continue to rise in the long term, but in order to generate equity and to help fund a second move, you need to beat the market, to outperform the market, and the only way of adding value to a house is making it bigger or better.”

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