Real estate expert Nick Millican says prices for homes in London’s most expensive area are on the verge of bottoming out. He explains that 2023 was a turbulent year for prime London properties. He anticipates house prices continuing to fall going forward, but not at the rapid rate seen in 2023.
That means there are still excellent deals to be had, but buyers must act swiftly if they want to get the best deals. Year over year, prices of properties in central London’s prime locations are only down 0.8%. Nick Millican expects the price of London’s prime properties to remain flat in 2024.
Funding Sources Make A Difference
In areas like Ealing, Brook Green, Belgravia, Mayfair, Knightsbridge and other highly sought-after areas, the price of properties only dipped by around 0.2%. Nick Millican says that that’s because many buyers in those areas bought with cash rather than mortgages.
This has led to minimal annual price falls, Nick Millican explained. That is in line with the expectations and affordability of buyers in those areas. Millican pointed out that almost 80% of real estate agents expect home prices in those areas to rise in the first three months of 2024.
Rising Prices Expected In Central London
The real estate expert said after elections in 2024 end political uncertainty and the global economy improves, the price of homes in central London will rise by 3.5% in 2024 and 2025. But with homes in those areas below historic highs, Nick Millican finally explains, real estate agents recommend people buy homes in central London’s prime areas.