According to real estate expert Nick Millican, London’s housing market is uncertain for 2024. Industry professionals predict there will be high interest rates for home buyers along with soaring rents. There will also be a general election in 2024. 

A party might decide to introduce new rent control measures, make houses more affordable, or encourage property development instead. These are just several factors that can affect home ownership or the ability to rent. However, Nick Millican shares, first-time buyers might have an opportunity to purchase a home.

Industry experts expect prices to fall an additional four percent over the next year. No one can predict the election’s results, and this uncertainty might compel sellers to lower asking prices. As Nick Millican adds, real estate agents and economists hope that the Bank of England will cut its base rate. 

This may ease the financial burden on some Londoners since rents continue to rise, making it more difficult to save for a deposit on a property. As Nick Millican states, home and rental affordability is already beyond the means of many. 

Currently, home prices not only here but all around the world are at least eight times higher than the income of many Londoners. This makes the market difficult to predict. Nick Millican is a prominent figure in the real estate industry, and keeps a close watch on the country’s real estate trends.