Friday, July 31, 2009
The TV property expert who had his fingers burnt in the slump warned homeowners that they can no longer count on rising prices to help them trade up. Phil Spencer, co-host of Location, Location, Location, said buyers now need to look for homes that will accommodate them for years, and for properties where value can be added. 'It's not going to be enough to buy a property and think, I'll own it for two or three years, it'll go up in value, and I'll be able to trade up the ladder.' Mr Spencer had first-hand experience of the slump when his homefinding business, Garringtons, went bust earlier this year. He said he had been left in debt from the venture, but declined to say by how much.