Nick Millican: Average London Home Price Falls By Over 6200 Pounds in December
December saw the average cost of a home in London fall by more than 6200 pounds in a single month, real estate expert Nick Millican explains. As more sellers try to attract buyers, many are dropping the asking prices of their homes, while others find they are not getting offers that meet what they are currently asking for their property.
The average home fell more than 6,238 pounds in a month, to be exact. This is largely because most of the sellers in London are forced to accept more realistic prices for the homes they are selling. Buyers are not “overpaying” for houses anymore. And, Nick Millican adds, they are not willing to pay the asking price as they feel homes are overpriced as well.
Interest rates sit at 5.25%, and sellers are sadly losing money on their asking prices because when people purchase homes they have to be able to pay the interest rates on the money they are borrowing. And this is where Nick Millican comes in.
Other borrowers are sitting and waiting for the right deal to come along altogether, and refuse to buy until they feel that the situation is right for them to be able to buy a home in the first place.
Nick Millican finally explains some mer. Housing prices generally start to drop around Christmas, however, the currently high-interest rates are causing prices to drop to be even more significant than the average year. Buyers are willing to pay less, so the drop in the value of the average home is greater than it has been in the past 20 years in this current year.