Nick Millican Said Housing Prices Are Down In London
Nick Millican Said Housing Prices Are Down In London
Nick Millican, a UK real estate expert, says homes in London are currently being sold for £19,500 less than their asking price. However, prices are beginning to spring back, the real estate agent explained. In London, the average house costs £534,000. House prices in the capital in February are down 0.4% compared to 2023.
In London, there are now 8% more homes for sale, real estate expert Nick Millican adds. While sellers were accepting 6.1% less in November 2023, these days on average they are only accepting 4.3% or £19,500 under their asking price.
A Buyer’s Market
The prices of houses in Bromley and Ealing are down 0.8%. This is the largest price reduction. However, Nick Millican informs, in Croydon, house prices are 2.4% higher than last year. This is the largest gain. It is anticipated the Bank of England will lower the base interest rate from 5.25%.
So there have been lower mortgage rates which has caused house prices to fall and increased sales. If sellers have realistic prices, home sales will continue to increase in 2024, the real estate expert explained. On average it now takes about 241 days to sell a home in some areas of London, Nick Millican said.
More Homes Available Nationwide
Research done by real estate agent Nick Millican shows that 20% more homes are on the market in the UK than last year. And the price of houses is down 0.3% since last year and sellers are averaging a 3.9% or about £10,000 discount. Millican anticipates the housing market improving this month as more buyers look for homes in London.