Even though housing and rental prices in London are still sky-high, fewer people are leaving than usual. London leavers as they are called are on a nine-year low. This seems strange when you consider that the high prices are a huge problem for many in the city and you’d probably expect them to seek housing somewhere else. Real estate mastermind Nick Millican has a few thoughts on why this is, and what the future could hold for London real estate.
One of the main factors keeping people around in London is that it has become a buyer’s market in the real estate industry, Nick Millican recalls. Prices are coming down though they remain higher than before the pandemic.
This is giving people more leverage when it comes to purchasing a home. Rental prices are also not going up as quickly as they once were either. Overall Nick Millican realizes that this has created an environment in which buyers and renters feel they have the advantage.
A Matter of Demographics
Another thing that should be taken into account is that those who remain in London to purchase property are typically of greater wealth than those who leave to find cheaper property. This is especially true for first-time buyers who are increasingly seeking property outside of London so that they can find a better deal. Nick Millican realizes that this all makes sense when you look at the statistics sorted according to who can afford what and where they’re buying property.