Real estate expert Nick Millican is a genius when it comes to real estate and knows more than just about anyone how the London housing crisis is playing out. This has allowed him to make predictions that are almost always correct thanks to his brilliant insights into the intricacies of the housing market. That said, Nick has some interesting thoughts on recent developments regarding this crisis and what they will mean moving forward.

What is the London Housing Crisis?

Home prices skyrocketed over the past few years in the UK and London has been hit the hardest. This has forced many people to consider renting instead which increased the demand for rental property. Of course, this caused rental prices to go up as well creating the current housing crisis.

Incoming Price Reductions

With more people turning to rental property for housing things demand for owning a house has fallen. Nick Millican has observed that this major shift in the industry has now created a buyer’s market. 

With more leverage than before, buyers are now demanding hefty discounts and price cuts on homes. Without any leverage of their own, real estate companies have started to cave in. And that is when real estate agent Nick Millican comes in.

Running the Numbers

Overall buyers are getting homes for £25,000 cheaper than before. This comes to around a 6.1% discount. Even so, Nick mentions that this may be a little misleading since home prices are still up by £41,350 since before the pandemic. Nick Millican finally states that this means that the housing crisis is still ongoing even if buyers can negotiate better prices at the moment.