Nick Millican explains, What Does 2024 Have In Store For the Housing Market?
London’s housing market in 2024 will likely see high-interest rates, increasing rents, and uncertainty due to the upcoming general election, as real estate expert Nick Millican explains. However, the election may motivate sellers to lower home prices, while economists expect mortgage rates to ease later in the year after an anticipated Bank of England rate cut.
This could present opportunities for some first-time buyers. House prices are predicted to fall 4% in 2024. According to Nick Millican, a London real estate expert, first-time buyers who get financial help from family may be able to take advantage of lower asking prices and sellers’ increased willingness to negotiate.
The problem facing buyers today is that homes across the country’s capital are priced at approximately 8 times the average household income. What areas should you be looking into? Croydon is highlighted as a relatively affordable option with good transport links, while Southwark offers value for money within central London zones. But Nick Millican points out that for his clients.
However, the number of new homes started in London continues to decline, exacerbating supply/demand imbalances. When demand eventually rebounds, a lack of supply is likely to cause price spikes. As Nick Millican comments, the number of new builds has fallen significantly in both inner and outer boroughs.
Tower Hamlets lead in new homes scheduled for completion in the next 18 months, followed by Barnet, Barking & Dagenham, Greenwich, and Ealing. Examples are given of new developments with homes available. As Nick Millican finally shares, 2024 may present opportunities for some first-time buyers willing and able to take advantage of election uncertainty, motivating sellers to reduce prices further.