According to real estate expert Nick Millican, London real estate professionals are wringing their hands as asking prices for homes dipped by 1.5% in September. That lands the average price for a home in the U.K. capital city to £673,200, according to industry analysts. Furthermore, new data shows that it requires an average of 63 days for a seller to close a deal with a buyer.
Nick Millican, a prominent and well-regarded real estate investment professional, said the latest drop in home prices is pushing them to a level not realized since January 2011. He noted that more than 36% of current properties on the market have suffered a price reduction. The average discount is a hefty £22,700. That translates to 6.2%.
“What that means is that buyers have tremendous leverage to negotiate in this economic climate,” Nick Millican said. “Keep in mind, however, that means some home sellers are probably pricing too high for starters. When the unit does not move, they take the advice of their agents to lower the price.”
Not all the news is gloomy, however, Nick Millican adds. Consider that the number of properties entering the market in the first week of September perked up by 12% across the country. That’s compared to the August average. Kids going back to school and the end of summer holidays probably played a role.
In addition to real estate, Nick Millican has worked in the financial sector as an investment banker. He earned a degree in chemistry from the University of Oxford in 2003. He is also extremely active in philanthropic projects.