Nick Millican on Falling London House Prices

The London housing crisis is still ongoing but there have been some interesting developments during late 2023 and early 2024. Most notable is the fact that housing prices are going down while demand is going up. This may seem counterintuitive but Nick Millican, a real estate expert of global renown, has a few ideas on the topic that may surprise you. 

In any event, 2024 is shaping up to be one of the most intense in recent memory when it comes to London real estate.

A Slight Decrease in Price

Prices have not caught up with demand, at least not yet, when it comes to the London housing market, Nick Millican adds. On average prices have dipped £2,469 in January 2024 which comes as a surprise since they were already on a downward trend. 

Normally the increase in demand seen at the end of 2023 would drive prices up but we haven’t seen that yet. As of right now, it is still a buyer’s market, Nick Millican shares (London-post)

How This Affects the Rental Market

Nick Millican has also noticed that this surge in demand has had an interesting effect on the London rental market as well. While rent has been steadily going up as of late thanks to homes being unaffordable for many, the recent demand for homes has caused these price hikes to settle down a bit. As a result, rent isn’t increasing as quickly as it did in the past. Even so, rental prices are much higher than they were before the pandemic which has made life difficult for many in London and beyond.