Real estate agent Nick Millican comments over the UK´s current housing trends. As the house prices in London continue flattening, it’s becoming hard to determine whether the property market belongs to the buyers or sellers.
However, thanks to high mortgage costs and interest rates, and a generally high cost of living, buyers are having to work with ridiculously constrained budgets. For Nick Millican, this is something new first time buyers are facing.
According to Nick Millican, a real estate investment management professional, sellers have to price their properties more sensibly to boost their chances of securing buyers. He notes that it’s not surprising that house prices have been increasing and declining marginally.
Also, the ball is currently in the buyers’ court since prices aren’t set in stone, Nick Millican reports. “In the last month or so, the property market has lost a bit of momentum, and the modest mortgage rate increases haven’t made things any better,” the real estate agent states.
“Nonetheless, there is a fairly strong confidence among buyers, and it gives them the chance to negotiate harder whenever the opportunity arises.” It’s also clear that well-finished houses have been attracting viewings compared to their fixer-upper counterparts, which have been the go-to option in the property market in the previous years. That’s why Nick Millican also asserts that sellers with well-finished properties have an upper hand.