Nick Millican: London Housing Asking Prices Drop to Lowest Numbers Since October 2008
Nick Millican: London Housing Asking Prices Drop to Lowest Numbers Since October 2008
London’s housing markets and prices might finally be cooling down after months of red-hot gains and increases, not to mention the increasing interest percentages that mortgage rates are seeing these days. According to real estate expert Nick Millican, the average asking price of homes in London fell by -1.2%.
According to the expert, this is one of the biggest drops since the financial crisis in October of 2008. The average asking price of a home in London is now down to 687,400 pounds according to Rightmove. Nick Millican adds that the average property is also on the market for a longer period of time now as the average wait to sell a home is 65 days or just over 2 months.
This is compared to only the 51 days it took the average London home to sell back in the autumn. Only 12 boroughs in London avoided falling asking prices in October of 2023. Nick Millican shares that the strongest area of growth for this past month was Richmond-Upon-Thames, which saw the average home price increase by 1.8% over September of 2023.
On the flip side, real estate agent Nick Millican informs, the neighboring town of Merton is suffering a drastic -6.9% drop in the average asking price of a home in just the last month alone (Twitter).
The average home in Britain only increased the asking price by 0.5% in October of 2023, which is one of the weakest months in recent records according to Rightmove. This is during the autumn season when home prices are usually increasing quite drastically during the main “buying season” in London. As Nick Millican finally states, this is the weakest October on record for the entirety of Britain in the last 20 years.