Don’t you just love Phil and Kirsty. Like a favourite Aunty and Uncle they almost row in front of the nation on the great show
Property experts Phil Spencer and Kirsty Allsop were asked for advice on beating the house price slump. They are famous for their down to earth approach and no nonsense understanding of the UK house market. Below are there Top 10 Tips for beating the house Price Crash.
Phil and Kirsty from Relocation Relocation
Phil and Kirsty from Relocation Relocation
1. Take Your Time
The advice we’d give in this market is largely the same as we’d give in any market. If you’re selling your house, don’t rush into buying. Take your time, even rent for a few months while you look to make sure. Any purchase in this OR ANY market should be for the long term, so it’s important to get it right.
2. Sit Tight
Here is some good advice in a recession from Kirsty Allsop.
Don’t engage with the market if you don’t have to. Unless you HAVE to move house, sit tight and wait it out.
3. Get A Good Deal
Phil from Relocation Relocation suggest you haggle hard when buying – bear in mind the house may soon be worth less than you paid for it – the market always has troughs and peaks.
4. Make Money from a Room
Rent out a room in your house. If you are struggling to make repayments on your mortgage, consider taking in a lodger to lighten the load.
5. Get a Kerb Appeal
The biggest challenge as a seller is getting people through the door – pay close attention to the exterior of your property.
6. Be Realistic
It’s all relative, says Kirsty – remember, when house prices fall, you may take a hit on your own sale, but you can make this up when buying as the drop hits the whole market.
7. Sort Your Mortgage –its Costing You
For most people, their mortgage is their biggest debt – and in a credit crunch you want to limit your debt as much as possible. If you’re on an interest only mortgage, lessen your chances of negative equity by changing to a repayment. Before you do anything, though, seek professional advice from an independent financial advisor.
8. Take Advantage Of Rate Cuts
If you are already on a repayment, consider if you can take advantage of recent interest rate cuts to pay a little bit more of the capital each month. The more you pay, the faster you run from negative equity – and the quicker you’ll own your home outright.
9. Look After Your Property
Even if it’s not with a new bathroom or kitchen – keeping paintwork fresh, boilers regularly serviced and gardens well maintained can work wonders. And it’s cheaper to fix little problems rather than wait until they’re big ones.
10. Look For Innovative Ways To Get A Good Deal
Kirsty Allsop suggests house swaps are a good way to beat the stale market conditions. And for many types of people, like first time buyers, key workers or those in social housing, there are government and commercial schemes to help you get on the property ladder.
UPDATE: It seems Phil Spencer and Kirsty Allsop are really on form in the latest series on Channel 4
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