Real estate agent Nick Millican shares information about the UK’s housing market trends. This year, statistics across the UK show that around 16% of its population might miss their rent and mortgage payments. It’s worse in London, where the numbers rise above 24%. With a hostile economy, tenants and homeowners reduce expenses to make ends meet. 

Most people have resulted in spending only on essentials. According to Nick Millican, 12% of London homeowners have partly rented out their houses in the past year. Due to the economic downturn, 20% of London homeowners have temporarily stopped home renovation plans. 

Nick Millican also notes that private rental costs rose by 6.9% last year, the highest annual jump ever recorded. Rent and mortgage expenses in March rose by almost two percent compared to the same time the previous year. 

Fortunately, the latest data shows inflation is easing, and housing costs are stabilizing. This translates into increased buyer confidence and spending. 

25% of tenants see saving for a deposit as the biggest challenge to home ownership, while 22% cite stiff completion for rentals.  If rental costs continue to fall, Nick Millican predicts people will start spending. There’s a high expectation that the Bank of England will reduce interest rates beginning in June. In response, banks are expected to lower mortgage rates, boosting spending.