When renting or buying a new home, one has to consider the price before deciding on which property to settle in. According to Nick Millican, the price of houses in the UK is dropping but rising in London at a rate of 1.2 per cent.
London’s housing market is different from the national market, and there is higher inflation in the market. Nick Millican adds how the price of houses is affected by the demand, interest rates, the condition of the property, and the economic conditions.
Last year, the price of houses was down because of the high cost of living. First-time homeowners are the largest buyers of homes in the UK and prefer smaller homes. Sellers have the upper hand when it comes to bargaining, Nick Millican adds.
However, the sellers now accept £19,500, which is lower than last year’s £25,000, Nick Miillican adds. According to Alex Goldstein, international buyers coming back to London have contributed to the increase in prices in the central region of London.
He argues that regions such as Kings Cross have witnessed an increase in demand for housing due to the increase in the number of people working at the Meta and Facebook offices. Nick Millican finally shares how the expected fall in interest rates is causing more clients to enter the real estate market.