Nick Millican Looks at the Value of Homes for Sale as London Real Estate Rebounds
Nick Millican is well-known in the real estate market and has experience in many sectors. London accounts for about a third of the entire home market value in the UK. There is £79 billion of home value for sale in the capital. The value of homes on the market is 30% higher than 2023.
While the number of homes is up by 9%, inflation is down .5% in London from last year. With experience from several firms, Nick Millican sees the London real estate market remains competitive. The uptick of sellers is still far lower than the demand from buyers.
The competitive market could see sellers willing to lower their asking prices to finalize sales. The UK has a general election going on right now, but most people won’t change their real estate deals for it. According to Nick Millican, the average number of homes for sale at real estate firms is up from last year.
The number of homes on the market could rise higher during the year. Around one-third of London-listed homes never found a buyer in 2023. There is a higher incentive to buy because of high volumes of homes and lower mortgage rates. Real estate agent Nick Millican sees the Bank of England cutting interest rates within the next few months.
The number of listed homes with buyers is 13% higher than last year as the price of homes dipped. The lower rates will keep buyers looking for homes in 2024, even if the election slows some real estate deals. Nick Millican finally states how sellers need to keep the demand and prices of homes in mind if they want to finish deals during 2024.