Nick Millican: London Housing Prices Fall to New Low After Bottom-Out Year
According to Nick Millican, many different parts of London have come close to hitting rock bottom when it comes to housing prices. Home prices have fallen throughout the past year, and continue to do so as we move into 2024.
Many experts believe that housing prices will start to rise again in 2024, after a very turbulent year in 2023. Mortgage rates and home prices may fall more in 2024 before they rise. But, Nick Millican comments, they will do so at a slower and more consistent rate than they have in the past year.
More buyers will feel more confident, and be willing to pay more for houses than they were willing to pay in 2023. In the past year, the average price of a home in London has fallen 0.8%. And, Nick Millican states, these price drops are in line with the concept that customers are looking to save money when they are purchasing a new home.
Many others are deciding not to purchase a home at all, and they are either waiting or making do with the space they already have in their current residence.
Some central London locations have even seen a drop of as much as 0.2% in just the fourth quarter of 2023 alone. Most housing prices have now all leveled out, and many experts believe housing prices will be able to slowly increase the prices of homes as we move into 2024. This is something worth noticing, Nick Millican adds.
If prices are to drop further, the drops won’t be as big as they were in 2023, and the market will not be as volatile as it was the past year. This gives both sellers and buyers more confidence as they can stabilize prices. As Nick Millican finally comments, prices on homes should hold steady in 2024, and rise by up to 3.5% in 2025 according to the leading London housing experts.