Nick Millican: Prime London Property Prices Have Almost Bottomed Out
The prices of houses in the most expensive areas in London have almost bottomed out, real estate professional real estate agent Nick Millican says. Last year prices of prime properties in central London fell by 0.8%. They are primed to rise again.
And while prices are slowly dropping, buyer confidence is growing. The real estate agent predicts by 2028, 2024’s flat prices will rise by 18.7%. Ealing and Brook Green are among West London’s best-performing and most sought-after areas in 2023, according to Nick Millican. Buyers’ expectations and affordability are met there by sellers’ prices, Millican explained.
Falling Prices
Prices dipped by 0.2% in Belgravia, Knightsbridge, and Mayfair were among central London’s prime areas in the fourth quarter of 2023. Because 3/4 of the UK’s most expensive homes are bought with cash without mortgages, annual price falls there were the smallest. Where buyers get funding determines the micro market’s performance, Nick Millican said.
London’s prime markets rely less on borrowing than other areas and are more responsive to sentiment, said Nick Millican. The housing market has almost leveled out, and unless there’s a major policy shift, it will level out in early 2024. Well before mainstream equivalents.
Price Increases Ahead
Real estate agent Nick Millican said most real estate agents expect more houses to become available in the next 3 months and expect prices to increase gradually. Only in central London will house prices rise by 3.5% by 2025 after the UK elections. With prices still below historic highs, Millican recommends people buy property in central London’s prime areas.