Nick Millican Analyses London´s Variable Housing Market Recovery
According to seasoned property analyst Nick Millican, London continues experiencing a mixed and gradual market rebound as signaled by new data from Quick Move Now and Home.co.uk in the article “Soho is the worst place to sell a property in London: but what’s the best?”.
Upon reviewing average days on the market across the capital, Nick Millican acknowledges prime central zones demonstrate the steepest road to recovery. At 241 days to sell, up sixteen from last year, he notes prime Soho asks some £2 million yet sees few takers due to ongoing economic uncertainty and broad pricing resistance. Nearby Marylebone and Mayfair similarly manage tenacious 236 and 233-day listings respectively. While prices vary, Millican asserts prestige homes serve limited buyers even as blue-chip London stabilizes.
Further, once-vibrant districts like Vauxhall and Broadgate boast coveted City proximity but average over six months unsold, implying either over-optimism or lingering blights specific to local conditions. With numerous prime locales averaging 200-plus days, he diagnoses uneven normalization across higher-value stock. In contrast, Nick Millican applauds the success of south London’s Balham in slashing the average time on the market from 93 to 56 days year-over-year.
Beyond swift turnover, the area demonstrates pricing power through a stabilized range. Elsewhere, Outer London’s Bexley sees sixty-two-day sales despite annual value dips, reflecting Balham’s “commuter-zone sweet spot” of attainability stimulating interest. For Nick Millican though, no area escapes variability as motivations and macro factors differ wildly street by street.
Overall, real estate agent Millican discerns an adjustment underway as flexibility returns, yet London’s recovery remains uneven with recalibration ongoing. While optimism grows, quality, value, and localized demand ultimately determine case-by-case performance. Still, Nick Millican takes heart that available data shows housing turnover gaining momentum across a spectrum of locales. With patience and compromise, he anticipates the capital’s recovery continuing its gradual patchwork normalization in time.