Brian McDaniel

Aspire to Inspire

Buyers who are looking for a great deal in today’s real estate market should look no further than London, as housing expert Nick Millican recalls. The number of house sales in the city has reached a low level that hasn’t been seen since 2009. It’s definitely a buyer’s market.


In addition, if you don’t plan on moving into your new flat, there’s even better news. While real estate prices are down, rental prices are up. Nick Millican, who has extensive experience in the London market, attributes the conundrum of falling prices. 


That, in addition to the rising rents and the fact that London is a world-class city that is attracting more residents, Nick Millican comments. And with interest rates at highs that haven’t been seen in years, the situation should remain the same. 


Gone are the days of blocks of flats sitting empty because investors are buying purely on speculation. Rising mortgage rates are also affecting the real estate market, Nick Millican explains. With Central Banks around the world raising their rates to fight inflation, fewer people can afford to borrow. That fact bodes well for buyers who have been priced out of the market, but have been looking for a deal. 


Chances are high that interest rates will continue to rise in the future, so the price for an average apartment in London should continue to drop as demand tightens. Most London real estate agents agree that the market hasn’t seen sales this slow since before the pandemic. So, Nick Millican finally adds, if you’re looking to benefit from the current market conditions, you may want to consider buying London real estate soon.