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Daily Mail
a day ago
- Business
- Daily Mail
Property expert Phil Spencer on future house prices, mortgage rates and his best ever investment...
Property is a favorite British conversation topic. Nearly everyone has an opinion on where house prices are heading, the next property hotspot or where homes should - and shouldn't - be built. But to get a true sense of what's driving the market, it is worth listening to the people who live and breathe property day in, day out. In this series, we put an expert through their paces each month. We want to know their view on all of the hot-button topics mentioned above as well as mortgage rates, buy-to-let and housebuilding. We will even question them about their very own mortgage, and their best and worst investments to date. This month we spoke to Phil Spencer, a property expert and co-presenter of the long-running Channel 4 show, Location, Location, Location. Away from television, he has also published three books and founded the property advice website Move iQ. 1. What will house prices do over the next 12 months? I get asked this question a lot, and I've long since stopped trying to give an exact answer. It's pure crystal ball territory. There's no single answer anyway. While the official statistics and house price indices do produce a national average figure, the only number that matters is how prices are doing where you live - or where you want to live. The most important factor in determining prices in a local area is the balance between supply and demand. At present, there are more buyers than sellers in much of northern England and in Northern Ireland - and this is driving prices up. Meanwhile in London and south east England, the opposite is true; buyers there are often spoilt for choice and able to drive a hard bargain, and this is keeping a lid on values. The other factor to watch is the cost of borrowing. Mortgage interest rates have been creeping down so far this year, and this has two effects - it encourages more people to buy and may allow them to borrow more money - both of which tend to push prices upwards. On balance, average prices are likely to rise over the next year, but there's a real north-south divide in terms of how fast. 2. What will happen to prices over the next decade? If you need a crystal ball to see one year ahead, forecasting 10 years ahead is nigh-on impossible. But even factoring in the potential for wildly unexpected events - another pandemic for example - and the regular economic cycle, the likelihood is that prices will keep rising over the next decade. Official data from the Land Registry shows that between March 2015 and March 2025, the average price paid for a home in the UK rose by 53.8 per cent, and that period included both Brexit and Covid. While you should never treat past performance as a guide to what's coming next, two facts hold true; the UK population is rising, and as a country we're not building enough new homes to keep up with demand. This shortage of homes means that average prices are likely to continue creeping up over time, even if we never quite escape the cycle of boom and bust. 3. Where will mortgage rates be in 12 months? Predicting mortgage rates is a little easier, as the mortgage industry keeps a running tally of where it expects the Bank of England base rate to go. While this measure - known as the swap rate - is constantly being updated, it does give useful clues as to the direction of travel for mortgage interest rates. The Bank of England base rate has been cut twice in 2025 so far, and this has allowed lenders to reduce the interest rates they charge on their mortgages. Some are now offering rates below 4 per cent, though these tend to be limited to borrowers with a large deposit. The swaps market is currently suggesting that there will be one more cut to the base rate in the second half of 2025, and this should lead to more mortgage rates that start with a 3 rather than a 4. The picture for this time next year is less clear, but if inflation calms down from its current spike we should see mortgage rates continue to ease down - though it's unlikely they'll go back below 3 per cent any time soon. 4. Will Labour hit its 1.5m home target? It's a hugely ambitious target, that equates to building 300,000 new homes - in England alone - every year during the current parliament. The country hasn't built at that level for more than half a century, and the construction sector needs to overcome some big hurdles if it's to have any chance of meeting the target. Reducing planning red tape to make it easier for developers to buy land and get building is one, and the Government has promised to do this with its Planning and Infrastructure Bill. But the construction industry has structural problems too, not least a chronic shortage of labour. The average age of a construction worker in the UK is now over 50 and not enough young people are joining the workforce to replace them. As these older workers start to retire, their skills will be lost if there's no-one to follow in their footsteps. Importing skilled foreign workers to do the work helped the industry paper over the cracks for a time, but this has become trickier following Brexit and it isn't a long-term solution. The industry needs to get better at recruiting and retaining young people if it is to deliver the number of homes being asked of it. 5. What is the most urgent property crisis? It's still a bit under the radar, but there is a crisis brewing in the private rental sector. One in five households rents their home from a private landlord, and half of these landlords own just a handful of properties. Whenever these landlords decide to sell up, there are rarely many - or any - buy-to-let buyers willing to replace them. Since last October's Budget, buy-to-let investors have to pay a 5 per cent stamp duty surcharge when they buy a property, and this has led demand from buy-to-let buyers to fall sharply. While this is good news for first-time buyers - for whom these ex-rental properties can be good value - it's bad news for renters, as every time a rental property leaves the market it means one less home available to rent. The increasing scarcity of rental properties is pushing up rents fast. Average rents in the UK rose 7.4 per cent in the year to April, but in popular areas the rate of inflation is much higher. House prices might hog the headlines, but millions of people either can't or don't want to buy a home. For them, such rapidly rising rents are a serious problem that risks turning into a full-blown crisis. 6. Are landlords being unfairly targeted? There are some bad landlords out there, but they are a tiny minority. So it's unfair that the thousands of good landlords get tarred with the same brush. The Renters' Rights Bill, which is due to become law later this year, will shake up the rules governing England's rental sector. It gives significant additional protections to tenants and imposes tough restrictions on landlords, but some people question whether it has got the balance right. It should limit the ability of rogue landlords to mistreat their tenants. But what if there's a rogue tenant? Responsible landlords will find it much harder to evict people who fail to pay the rent or abuse the property. So it could prove self-defeating if it prompts good landlords to pull out of the rental sector entirely. 7. Is buy-to-let a good or bad investment today? If you'd asked me this six months ago, it would have been hard to make the case for buy-to-let. The steadily rising cost of being a landlord has made it increasingly hard to make the numbers add up in some parts of the country. The introduction of the Stamp Duty surcharge in the October Budget - which now adds 5 per cent to the cost of buying an investment property - made some people declare 'game over' for the buy-to-let sector. But since then mortgage costs have come down, and rental values have continued to rise. If you're strategic about where you buy and think long-term, it can still be a sound investment. But you need to be realistic about the returns you'll get - the days of 10 per cent yields are long-gone. And don't underestimate what a commitment it is. This is not like popping your spare cash into an Isa and just watching it grow. Maintenance issues and void periods can be a real headache, and as a landlord there are more than 160 separate pieces of legislation that you have to comply with, so it takes time and effort to keep on top of everything. 8. If you were Chancellor of the Exchequer, how would you help first-time buyers? Get rid of stamp duty for first-time buyers. This will make it easier for people to get onto the first rung of the property ladder and remove a barrier that discriminates against those who aren't fortunate enough to get help from the bank of mum and dad. 9. What's the best piece of advice you could give someone planning to sell their home? Declutter declutter declutter. 10. What's your best ever property investment? The first home I ever bought was a flat on a busy road in Battersea. This was 1996, when Battersea was as unfashionable as it was affordable. The flat was spread over the second and third floors of the building, and had four bedrooms and four reception rooms. It was too big to be a flat and maybe that explains why it wasn't snapped up. I paid £160,000 for it because I could see the potential for converting it into two flats with great views. I received planning permission and called in an architect friend. The building firm he used was slow - taking six months instead of three - but it stuck to its price and did the job well. I had a Mansard extension built on to the back of the roof, which made the bedrooms bigger, moved staircases, put down wooden floors and decorated it in a minimalist style. It wasn't all plain sailing, but I learnt a lot about the legal process involved in a conversion and created two lovely flats for a cost of roughly £80,000. I kept the one at the back as it was larger; two double bedrooms, a dining room, a living room and a small kitchen/breakfast room over two levels. It had a lovely view and was away from traffic noise. I then sold the other one for £165,000, more than the cost of the original flat. After three years in the flat, I decided it was time to move. I had launched my own property finding business - doing up the flats had been a catalyst for that - and I'd become engaged to Fiona and wanted a house with a garden. I sold it for £292,000, which was a real score - sadly not one that I'm likely to repeat. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
Daily Mail
21-05-2025
- Entertainment
- Daily Mail
Location, Location, Location viewers left baffled by 'entitled' couple's response to spacious home in Surrey suburb
Location, Location, Location viewers have been left baffled by a young couple who dubbed spacious homes in leafy Surrey a 'compromise'. On tonight's episode of the Channel 4 series, Kirstie Allsopp and Phil Spencer hoped to find Elise, Elliot and their three young children the perfect home. Having already sold their three-bedroom property, the couple had a healthy budget of £650,000 for four bedrooms and an open-plan downstairs. But, heavily emphasising that they weren't willing to compromise, Elise and Elliot were struggling to meet all their needs with the money available. As a result, they'd viewed countless properties and, despite having moved back in with Elliot's parents, were refusing to settle for something less than perfect. With Kirstie taking them round several properties, the couple either weren't 'sure' about the area, said the homes were 'too small', and even just 'didn't feel the love' for what they were seeing. Their indecision soon left viewers of the show baffled - as they failed to see anything wrong with the sought-after postcodes and spacious properties. People said: 'They are worried about the area?? Mate, you're in Epsom'; 'Watching a bit of Location, Location, Location for first time in years, and am reassured they still have the formula of one reasonable couple and one self-entitled tosspot couple who won't compromise on anything, and refuse to consider a house because the road name has an F in it.' However, others were more positive - and praised the 'excellent episode' with 'lovely couples'. Another wryly noted: 'They certainly like beige in Surrey.' However, their indecision was partly due to both wanting to be close to family in a nice area, and also wanting a spacious design - two requirements that seemed to be impossible. Kirstie kicked off the search with a four-bedroom home in the leafy market town of Epsom - nestled between London and the Surrey Hills. Unfortunately, Elliot, who works in animation, and stay at home mother Elise had already discarded the property when they saw it online - saying they weren't 'sure' about the location. But, seeing the potential, Kirstie warned 'there has to be a compromise somewhere' - and said it may have to be the location. Realising Epsom was a lost cause, Kirstie found them a selection of properties to view in Ewell, which was much closer to where Elliot's parents live. But despite one smart semi-detached home having three-bedrooms and a converted attic, the couple said it was 'too small'. Viewers were baffled that the couple were worried about the area - and one even implied they were 'entitled' 'The upstairs was much better than the downstairs and we want the downstairs to be the big space,' Elise explained. Moving on to what she thought was her 'last option' for them, Kirstie was once again met with disappointment when another home in Ewell had already been viewed by the couple. Despite being detached and a good size, with four bedrooms and an office, Kirstie said the two 'didn't feel the love' for the property. However, not all hope was to be lost, as eventually Elise and Elliot realised a property they'd previously viewed was the one for them. On the market for offers in excess of £700,000, they'd initially believed it was out of their budget but, with Kirstie's help, managed to get an offer accepted for £675,000. The delighted couple confessed at the end of the episode: 'We can't believe it, it's a bit of a fairytale, it's like a dream come true. 'It ticks so many of our boxes, more than we ever thought we could on our budget.' Elsewhere in the episode, Phil Spencer sought to find a home for Kim and Ralph who, with two children under five, were bursting out of Kim's two-bedroom starter flat. They desperately wanted a taste of the space they grew up with in Zimbabwe - but close to their extended family in Horley. Luckily, Phil had success from the get-go, as Kim and Ralph loved every property they saw, and even joked they would put an offer in on the first one. They too had a happy ending, and their offer of £470,000 for property two was accepted. Last week, Location, Location, Location viewers slammed a pair of Gen Z sisters for purchasing a 'pokey' London flat for an eye-watering £405,000 on Wednesday evening's episode. Amoke, a campaigner for a non-profit organisation, and Ines, who works in digital marketing, saved up enough money for a deposit for a flat in north London by continuing to live at their family home in Ipswich. The pair, who are in their mid-twenties and had some financial help from their brood, haven't had the best of luck in the capital city, where even the rental market is cut-throat. They began their search two-and-a-half years ago and have since viewed over 50 properties and even put in an offer for four - but they all fell through due to bizarre circumstances, which even shocked expert Kirstie Allsopp. Amoke, 25, said: 'One of them, somebody else already started their mortgage process, the other one we got beat out by another cash buyer. There was [also] a man who was quite elderly and quite unwell and his nephew had started selling the place before he died. 'Our lawyer was like "If you buy this, when you try and sell it I'm not even sure you'd own it". There was also someone living in it that didn't have a tenancy agreement. Ines, 23, revealed that their fourth offer was also outbid by the council, who offered the seller more money and all in cash. Kirstie said: 'I'm sorry! Jesus, Mary and Joseph! The council were buying back properties and you were outbid by the council? Oh my God, I've never even heard of that. I'm genuinely open-mouthed.' Their bad luck in the London property market only fuelled Kirstie's hunger to get them on the housing ladder and they ended up securing a property in north London for £405,000 - which was over their original budget of £5,000 - with fans of the Channel 4 show saying they should've 'moved to the suburbs instead'. Location, Location, Location airs Wednesdays at 8pm on Channel 4.
Economic Times
21-05-2025
- Entertainment
- Economic Times
Alex Horne struggles in The Horne Section TV show season 2 is back on Channel 4
A promo photo of the The Horne Section show on Channel 4. The Horne Section TV Show returns for a second season on Channel 4 on Thursday (May 22) at 10 pm. Featuring guest appearances, musical challenges, and general silliness, Alex Horne tries to prove his musical credibility amidst chaotic situations. The new season sees Alex Horne grappling with newfound fame and the pressure of filming live from his home, while trying to prove he is a credible musician. Channel 4 exec Ash (Georgia Tennant) commissions a new programme, the World's Strongest Musician, to film in Horne's house alongside the existing show. The series features the bandleader determined to prove that he's a credible musician, despite the presence of Reggie Watts threatening to overshadow him. The series includes corporate awards and a haunted TV (Desiree Burch) attempts to keep the show on air, while Channel 4 exec Ash (Georgia Tennant) is generally obstructive. Lucy (Camille Ucan) barely looks away from her phone, and intern runner Nelly (Tim Mahendren) is perpetually Oliver is keen to join the band, and Reggie Watts makes an appearance. The show includes reimagined Channel 4 TV theme tunes. Alex Horne previews the new series, answering questions about guest stars, the challenges of being the frontman, and the show's musical and comedic elements. He admits to not being a natural singer or dancer. He acknowledges the stereotype of comedians wanting to be in a reached Grade III on the French horn. The TV theme tunes being reimagined include "Location Location Location", "24 Hours in Police Custody", "Made in Chelsea", and "Married at First Sight".Episode 3 features a "Memento" style storyline. Horne emphasizes the importance of silliness in the is excited about playing Glastonbury for the first time. He believes the band is a good fit for festivals due to their blend of music and comedy. Growing up, Horne enjoyed Bill Bailey and "The Blues Brothers". He used to get nervous before going on stage but stopped after having Horne Section has branded shirts, and their merchandise includes non-absorbent tea towels. Horne's backstage rider consists of three cans of Gray is helping funny people find love in a new dating format. The series is backed by Sky and available says 'We have created a funny and entertaining dating format that showcases my sense of humour and taps into my ethos for finding love – "It doesn't matter if you're not fine, you just better be funny!"'.
Time of India
21-05-2025
- Entertainment
- Time of India
Alex Horne struggles in The Horne Section TV show season 2 is back on Channel 4
The Horne Section TV Show returns for a second season on Channel 4 on Thursday (May 22) at 10 pm. Featuring guest appearances, musical challenges, and general silliness, Alex Horne tries to prove his musical credibility amidst chaotic situations. The new season sees Alex Horne grappling with newfound fame and the pressure of filming live from his home, while trying to prove he is a credible musician. Channel 4 exec Ash (Georgia Tennant) commissions a new programme, the World's Strongest Musician, to film in Horne's house alongside the existing show. The series features the bandleader determined to prove that he's a credible musician, despite the presence of Reggie Watts threatening to overshadow him. The series includes corporate awards and a haunted TV studio. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your IQ Is 140 If You Can Answer 10 Of These Questions Correctly IQ International Undo Thora (Desiree Burch) attempts to keep the show on air, while Channel 4 exec Ash (Georgia Tennant) is generally obstructive. Lucy (Camille Ucan) barely looks away from her phone, and intern runner Nelly (Tim Mahendren) is perpetually flustered. John Oliver is keen to join the band, and Reggie Watts makes an appearance. The show includes reimagined Channel 4 TV theme tunes. Live Events Alex Horne previews the new series, answering questions about guest stars , the challenges of being the frontman, and the show's musical and comedic elements. He admits to not being a natural singer or dancer. He acknowledges the stereotype of comedians wanting to be in a band. Horne reached Grade III on the French horn. The TV theme tunes being reimagined include "Location Location Location", "24 Hours in Police Custody", "Made in Chelsea", and "Married at First Sight". Episode 3 features a "Memento" style storyline. Horne emphasizes the importance of silliness in the series. Horne is excited about playing Glastonbury for the first time. He believes the band is a good fit for festivals due to their blend of music and comedy. Growing up, Horne enjoyed Bill Bailey and "The Blues Brothers". He used to get nervous before going on stage but stopped after having children. The Horne Section has branded shirts, and their merchandise includes non-absorbent tea towels. Horne's backstage rider consists of three cans of Asahi. Kyrah Gray is helping funny people find love in a new dating format. The series is backed by Sky and available online. She says 'We have created a funny and entertaining dating format that showcases my sense of humour and taps into my ethos for finding love – "It doesn't matter if you're not fine, you just better be funny!"'.
Daily Mail
17-05-2025
- Entertainment
- Daily Mail
Kirstie Allsopp reveals hilarious moment ex-Location, Location, Location househunter dialled her number while drunk
Kirstie Allsopp has revealed how she once received a random FaceTime from an ex-househunter she had helped on Location, Location, Location. The property broadcaster, 53, starred on 25 Years of Location, Location, Location with her co-host and longtime friend, Phil Spencer, 55, on Wednesday evening. The pair were discussing some of the couples they had helped since the Channel 4 programme first aired in 2000. In this time, Kirstie and Phil have carried out 469 searches, viewed 1,810 homes and been trusted with more than £176,000,000 of money from house hunters. Kirstie reflected on the episode where she attempted to find Ruth and Anna a flat the week after the Brexit result. The sisters ended up losing out on the property due to the level of uncertainty that came with leaving the European Union. However, Kirstie divulged that she actually negotiated the apartment they bought a year after they starred on the show, in 2017. She said: 'We lost out on the property we ended up bidding on, a year later I negotiated the purchase of the flat that they finally bought. I always remember that because I always say to everyone don't forget, we're always there for you.' Kirstie then revealed that every home buyer that goes on the show has hers and Phil's personal mobile number - and she once received an unexpected drunk call from a past Location, Location, Location participant. She said: 'Our househunters have our telephone number. I always say "Don't call when drunk!"' But being able to call the hosts at any time appears to get you brownie points in your friendship group - and one intoxicated ex-participant decided to put it to the test. Kirstie said: 'It doesn't always happen, but someone did call me once from the races, FaceTimed me [and said] "Look here I am I wanted to prove to everyone that I had your number'".' Reacting to the news that Kirstie had secretly helped Ruth and Anna get on the property ladder, Phil said: 'That's so nice, I didn't know that.' Elsewhere on the show, the mother-of-two admitted that she often doesn't remember the names of the hundreds of people they've assisted over the past two decades. She said: 'You know one of my great horrors is someone coming up to me in the street and saying "I was on your show" and me not knowing their name because you know I don't know names.' Phil added: 'Yeah you remember houses,' to which she responded: 'You could show me a picture of 20 houses and I would be able to tell you, pretty accurately, whether we'd ever seen them.' Channel 4 also ran an episode looking over Kirstie and Phil's 'Bleeps, Bloops and Best Bits' on television, where the pair answered a question that's been on everyone's lips over the past 25 years. 'Our relationship's lasted longer than most marriages,' Phil said to Kirstie. But the sentimental moment is brought to an abrupt end when Phil added, 'probably because we've never slept together' - a quip that sets the tone for 'Kirstie & Phil: Bleeps, Bloops & Best Bits'. His remark finally put paid to the question the pair are often asked. Kirstie then emphasised the point by saying they had never been a couple. Kirstie and Phil were 28 and 30 when the first episode of the show which we now know as Location, Location, Location aired on Channel 4. The two TV presenters agreed that their time together has actually been 'great fun' - but that's not to say it's been free from the faux pas that inevitably pepper any long partnership. In the amusing trip down memory lane, the pair also took great pleasure in revisiting the hilarious moments which landed on the 'cutting-room floor'. From sibling-like taunting to slapstick humour, including a very near miss with a hidden trapdoor, the 20-minute show revealed 'what happens when the wheels come off'. And, crucially, it also provided a definitive answer to the question that's been on the tip of viewers' tongues for the past two-and-a-half decades. 'We have never been an item - but we are very good friends, most of the time,' Kirstie declared.
