Phil Spencer's Property Advice: Selling Challenges and Investment Dilemmas
Property expert Phil Spencer addresses readers' concerns about a stagnant flat sale, inheritance investment options, and the dilemma of downsizing versus property development. His insights offer practical solutions for various real estate scenarios.
In his latest property advice column, Phil Spencer tackles readers' pressing real estate concerns, offering expert guidance on selling challenges and investment dilemmas.
A couple from Teignmouth, Devon, seeks advice on their flat that hasn't attracted any viewings in 18 months, despite a price reduction. Spencer suggests:
- Reassess the choice of estate agent
- Conduct thorough market research
- Consider a more significant price adjustment
- Use a "mystery shopper" to test the agent's responsiveness
He emphasizes the importance of selecting an agent experienced in selling similar properties and ensuring the listing price aligns with current market values.
"Almost regardless of marketing or choice of agent, 18 months without a single viewing suggests to me there is an issue with price."
In another query, a reader asks about investing inheritance in a London property with her brother. Spencer advises caution, highlighting potential complications:
- Limited options in South London within the budget
- Potential future conflicts with co-ownership
- Impact on children's independence
He recommends considering areas like Mitcham, Morden, or Catford if proceeding with the investment. However, Spencer suggests that splitting the inheritance to provide deposits for the reader's children might offer more flexibility and independence.
Lastly, a Wiltshire homeowner contemplates downsizing versus developing their property. Spencer recommends:
- Proceeding with a formal planning application for a separate dwelling
- Selling the property with planning permission in place
- Considering splitting the title to sell the main house and plot separately
He advises that obtaining planning permission could add value and remove doubt for potential buyers, even if it delays the process by about six months.
Spencer concludes by encouraging timely downsizing, stating, "Done at the right time it can be an exciting and invigorating move."
This advice column showcases the complexities of the UK property market, where factors such as location, market conditions, and personal circumstances significantly influence decision-making. As the property landscape continues to evolve, expert guidance remains crucial for navigating these challenges effectively.
