Investment manager Nick Millican is among the many members of the real estate industry to notice a new trend. What it seems to boil down to is that the overall average level of two- and five-year fixed rates has fallen.
This downturn has taken place between the start of November and the start of December. As a result, levels of 6.04% and 5.65% have been reached. What this means for the average person looking to buy or sell a property in London is not vague. And this is where real estate agent Nick Millican comes in.
It should be noted that these rates are now at their lowest levels since the start of June 2023, Nick Millican comments. In fact, as things now stand, the average two-year fixed rate is 0.39% higher than its average five-year equivalent. But this is not the end of the story.
Real estate agent Nick Millican and many of his peers note that this new figure amounts to a significantly narrower gap than the 0.43% difference that was registered at the end of last month. For the property purchase industry, this means that a new and more lasting – at least, within the scope of a recognized temporary trend – downturn in the level of these rates is to be expected.
The answer that presents itself may not be the most feasible one. This is reflective of a trend that may be an issue for many owners of property in the city of London. Nick Millican has counseled a new round of caution with regard to these trends. This is the best answer that can be given for now.