According to a recent article from Homes & Property, the London property market is showing signs of stabilizing after the initial slump caused by the Covid pandemic. Despite ongoing uncertainty surrounding Brexit negotiations and the resurgence of Covid-19 cases, industry expert Nick Millican believes that the capital’s real estate sector is experiencing a “phased recovery.”
Expert Nick Millican, a real estate professional with over 15 years of experience, attributes this stabilization to various factors. Firstly, he highlights the increased demand for larger homes with outdoor space as homeowners seek to accommodate home-working arrangements and desire more personal space.
Secondly, the investment expert notes the impact of government stimulus measures, such as the temporary stamp duty cuts and low-interest rates, helping to support demand. However, Nick Millican acknowledges that this support is likely temporary and warns that the full extent of the economic fallout from Covid-19 is yet to be felt.
Despite this caution, housing expert Millican remains optimistic about the London property market’s prospects, pointing to strong international interest in the capital’s real estate, particularly from Asia (Theorg).
Ultimately, investment expert Nic Millican’s insights suggest that while the pandemic has undoubtedly impacted the London property market, there are reasons to believe that the sector is in a more stable position than it was earlier this year. As the city continues to adapt to new ways of living and working, the demand for high-quality housing in London will likely remain strong, providing plenty of opportunities for investors and homebuyers.