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Location, Location, Location
Phil Spencer: How To Beat The Credit Crunch & House Price Crash

Phil Spencer: How To Beat The Credit Crunch & House Price Crash

glasgow-property exterior. Phil Spencer Talks Credit Crunch And House Prices

How The Market Has Changed
Dealing With Negative Equity
Getting A Bargain When The Market Bottoms Out
Facing The Critics

On November 17, there's an unmissable TV show for anyone interested in the housing market - a Location, Location, Location credit crunch special. So, we caught up with Phil Spencer to find out how he's found the last few weeks. Just how has he seen the housing market change? What does he think will happen to house prices and when will the market start to boom again, if ever? Find out here...

By Rich Payne

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Phil Spencer Talks Credit Crunch And House Price Falls

Q: What practical changes have you seen as a home finder since the credit crunch bit?

Phil: It's a lot cheaper! Of course it's cheaper - house prices have fallen and activity levels have fallen. It's the activity levels that have really affected everyone involved in the property industry, more than the fall in house prices. It's not just estate agents and home finders like myself, but also surveyors and conveyancing solicitors and removal firms and DIY businesses and builders - everyone involved in property has been feeling the pinch as a result of the fall in activity levels in recent months.

Q: More time on your hands?

Phil: No - we've got clients signed up who still want to do a deal in this market. We need to find the right house, we need to agree a comfortable price that reflects the value of the market today but to try and also build in where the market might get to, and we need to have the confidence to do the deals. Unfortunately, in these economically uncertain times, uncertainty can be the killer of any market and property is no different.