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Phil Spencer advises some buyers to ‘sit on the fence’ and negotiate

The TV presenter has given a characteristically candid interview in which he spells out the somewhat stark choices facing buyers and vendors during the ongoing pandemic.

Nigel Lewis

phil spencer

Phil Spencer has waded into the post-lockdown housing market debate with advice that not all estate agents might want to hear, including that downward price negotiations will be an increasing reality in the coming weeks and months.

The TV presenter and MoveIQ founder made the comments yesterday in a candid interview with HELLO! Magazine in which he advises some buyers to wait and see what happens once the expected economic downturn arrives following the end of the furlough scheme and other government economic support during the pandemic.

“Personally, if you weren’t in a massive hurry and you hadn’t found somewhere you were completely in love with, then I’d sit on the fence for a little while and see how things settle down,” he says.

“Time will tell. There is uncertainty out there in the world – and if you can avoid making a big financial decision, I would.”

Phil Spencer, who also urges keener buyers to ‘crack on’ with their purchase, told the magazine that he predicts an immediate 5% dip in house prices and a 12% dip overall during the next 12 months.

“But house prices are not going up – that much is absolutely certain. It depends on consumer confidence and how long [the economy] takes to come back.”

Spencer also thinks that mortgages may prove harder to secure as banks and building societies look more closely at each applicant’s personal financial position, including the industry sector they work in.

June 10, 2020


  1. Excuse me ! The word ‘Candid’ means truthful and straightforward I would never want to suggest that Mr Spencer is anything other but is there any chance that you could give me his personal contact details so that I can speak to him directly!
    The reason for this would be to re-educate him on what is really happening in the housing market
    I’ve been working in this business for over 30years so I’ve seen it all been there got the T shirt
    This article uses the word advice which suggests he knows what the future holds ‘Really ‘
    Being on TV seems to give people some form of authority !
    I’m absolutely blown away by the hi-lighted comment!!!
    My 84 year old Mother even laughed at that comment!
    Thank Goodness she doesn’t read Hello magazine
    PS considering Phil can predict the future can you ask him for next weeks Lotto Numbers so I can avoid making any big financial decisions!

  2. I think that Phil needs to step in to the real world outside of his fame and fortune. Certainly in the North East the property market is booming, new build has proved to be buoyant and certainly every estate agent I talk to is flooded with new instructions, viewings and offers. People like this can damage what is a good market and one we all work very hard to make a success of.
    Prices are certainly not dropping in the North East and demand is probably at the highest I have seen for years.
    Step in to my world Phil 🙂

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