Nick Millican is an acclaimed real estate expert who is based out of London, England. His educational background includes extensive studies at the University of Oxford. He recently offered some insight into the topic of the current housing market in the London region and has noted that falling prices could mean good news for certain individuals looking to become first-time home buyers.
The opportunities available to potential homebuyers that have been noted by Nick Millican are the result of falling housing prices that are dropping at their quickest rate since 2009. They currently are down at a year-on-year rate of 3.8 percent. Beyond this, these rates are expected to fall further. This fact contrasts quite strongly with many current headlines that have left potential buyers wondering when they might find a window of affordable prices.
The reality is that the current drop in prices has caused plenty of discomfort among those who have recently made purchases. According to housing expert and business leader Millican, they have had no choice but to sit back and watch the value of these recently acquired assets tumble downward (Facebook).
At the same time, this situation offers a great opportunity for cash buyers, as Nick Millican recalls. Up to now, they have been able to take advantage of prices in the housing market that have softened. The situation has not alleviated the concerns of many potential first-time home buyers as property owners are often happy to sit on their assets as they wait for the value to go up again.
Up to now, many prospective buyers find themselves with reduced budgets because mortgage rates have remained high. It is worth noting that real estate professionals like Nick Millican point to the fact that those who have saved a deposit and have a reliable income stream may find this to be the perfect time to make a move.