Nick Millican´s Opinion: London Property Bargains no Longer Exist

Due to fierce competition, London homes are increasingly selling for close to or higher than the offer price. This could signal the end of the substantial property discounts that occurred following the pandemic. Nick Millican, a real estate specialist, sheds light on the fact that the London real estate market has been defined by high discounting.

This, since buyers have been eager to make a fortune when they first sell their houses. However, sellers eventually give in to buyers’ demands for a fair deal, and when tough negotiations arise, they give in even more. He also talks of recent data indicating that price cuts may be declining.

It has been noted when property proprietors reach an attractive price competition resumes. Currently, in London, for example, one-third of the listed homes are being sold for a higher price than the final offer. At the moment, Nick Millican confirms, the London real estate market indicates that prices for properties appear to be fair, especially for apartments.

This is due, in the agent’s opinion, to the gardens’ decreased appeal to buyers, particularly in light of the declining COVID-19 pandemic and increases in rent. Nick Millican observes that apartment complexes with astronomically high maintenance costs tend to be having problems.

With the exception of London, all areas have less properties up for grabs than prior to the COVID-19 pandemic due to a slightly higher demand than supply in the market. Nick says there’s hope in this sector. He foresees the value of residences to come to a point of equilibrium giving people an opportunity for recovery.