When you know as much about real estate as Nick Millican, it’s only natural to have a bit of insight into the craziness of the UK housing market of the past year and a half. Well respected for his asset development as well as his investment management skills, he has noticed some worrying signs for people in the London housing market as of late.
Falling Prices
The housing problems in the UK, particularly in London, are well known. Rents are skyrocketing while houses are going unsold. Some call this a crisis of affordable housing, but real estate agent Nick Millican sees that there is more going on here. Recently, housing prices have taken a big hit. In fact, just this month over 36% of properties have had a price reduction of around £22,700. This is giving buyers a much stronger negotiating position.
Decreasing Sales
While you’d think that this trend of lowering prices would mean more buyers would commit to fortunately and ultimately purchasing a home, that hasn’t been the case. Instead, the exact opposite has happened. Nick Millican noticed that sales for August 2023 were down 18% from the previous year.
While this is shocking, Nick hopes that this will have a positive impact on interest rates in the near future.
While the above info is a small window of insight into the whole of the London housing market, there are some exceptions as well. Nick Millican has seen prices rise in Richmond upon Thames as well as Haringey and Southwark. Even so, this was balanced out by price drops in areas such as Merton, Lewisham, and Redbridge.