Phil Spencer reduces property business

Location, Location, Location presenter Phil Spencer has closed a branch of his property business.

The housing market expert is suffering from the effects of the credit crunch, reports The Sun.

Spencer's Garrington firm closed an office in Knutsford, Cheshire, just one year after it opened and is now predicting further cutbacks.

"The correction in the housing market continues to unfold with unprecedented speed," said Spencer.

"Nobody can know how long this is going to take to turn around and we should be highly sceptical of anyone who claims to."

A spokesperson commented: "Unfortunately we are having to batten down the hatches this year. We just don't know what’s happening in the financial markets at the moment.

"There could be further scaling-down to come."