Phil Spencer discusses the current challenges in the UK property market
Move iQ founder and TV property expert Phil Spencer spoke to Richard Donnell, Research Director at Zoopla, about the current state of the UK property market in a new video for Move iQ. The pair discussed their predictions for the rest of 2022 and the biggest challenges in the market right now. The housing market got off to a strong start in early 2022 as the pandemic continued to spur people’s interest in moving.
Mr Donnell said there is a “strong connection” between people who consider working from home more and then want to move.
This has led to strong demand for housing despite the rising cost of living and the challenges consumers are facing as a direct result of the war in Ukraine.
Buyers have to chase fewer homes, which Phil said he noticed while filming real estate shows across the country.
He said: “There is nothing to buy and those that come to market disappear almost the same day.
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The Zoopla expert said the “positive news” is that people are looking “further” for homes than they would have before the pandemic.
Many people also sell their home and then rent it out in order to buy a home, either with cash or without the pressure of rushing to find a place to buy.
The rental market is experiencing an even worse shortage of supply due to the number of people selling and then renting.
Mr Donnell said the market is currently “strong” and is likely to improve “slowly”.
He added: “But I don’t think there is any sign of letting up in the short term.”