Phil Spencer says ‘juggernaut’ housing market is still ‘busy’

Phil Spencer lists the worst things to do when buying a property

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TV property expert Phil Spencer, founder of Move iQ, spoke to the CEO of Propertymark, Nathan Emerson about the 2022 housing market. The pair discussed the new challenges sellers and buyers are facing in the UK property market. They also discussed their own experiences of the market over the past few months.

Nathan said the nation is now dealing with a “new challenge” – the rising cost of living and inflation.

Phil often travels around the country for the Channel 4 TV programme Location, Location, Location with Kirstie Allsopp.

The pair helps buyers find their dream homes across the nation while keeping all their requirements in mind.

Phil said travelling around the country in the first and second quarter of the year, he hadn’t “seen a market like it in 25 years”.

He continued: “It was just almost beyond belief – lack of supply, incredible demand, people coming out of the woodwork and there were some fairly strange things going on.

“I do feel lucky in my work that I do travel the country but I don’t see as many deals as your member agents – but that was what I was seeing.”

Nathan said the property market has been a “juggernaut” this year and has continued to gain momentum.

He continued: “When you’ve got that kind of momentum, regardless of the short-term changes, it tends to plough through.

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“We’re not dealing with marketplaces that can be measured in a matter of hours and days like the stock market or the stock exchange, these are transactional decisions people are making when they go to buy a house.

“It could be three, four, five or six months until they move in so that momentum is already there as the markets around them or as their living conditions change.”

The property expert said the housing market is still “very busy” because people are very keen to continue their journey. “It’s just understanding how that will play out in the short to medium term really,” he added.

Phil wanted to know whether stock levels had increased and whether demand had “slacked off”.

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Interestingly, Nathan said some seasonal variations had returned to the market.

Nathan said: “We always see variations around the July and August Market apart from the last two or three years because of Covid. It’s nice to see we’re starting to see the annualised changes coming back in.

“We expect September, October and November will be busy as people rush to try and work for the pre-Christmas market.

“But overall we are still seeing volumes. There is more stock in the market now so that’s easing a little bit of pressure.

“Part of that will be houses that have come to the market probably [asking for] a little bit more money than they should have done and haven’t sold.

“We are starting to see price reductions come in as people become a little bit more realistic with their expectations.

“Buyers are taking their time a little bit more to make sure that it is the right purchase.

“The mass panic-buying has started to level out now and start to be a bit more contemplative which is exactly what we need to see.”

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