Nick Millican’s Views on the Fall of UK‘s House Price

According to Nick Millican, many prospective first-time house buyers have postponed their buying motives. This comes after the average prices of houses have continued to increase for the second month in a row. Millican attributes the reduction in house purchases to the high cost of mortgages in the UK market. Many aspiring homeowners are unable to afford the high price of houses.

To cope with the financial pressure of housing, Nick Millican argues that first-time house buyers must compromise on the property they plan to get. This is the way the property market works and that’s why they only have the option of purchasing a smaller house than they anticipated.

The purchase of houses in the UK market is declining for individual real estate agents due to increased property listings. The number of real estate agents is growing tremendously, while the number of house buyers is not changing significantly. As Nick Millican adds, the increased listing has made buyers to be good negotiators. Many real estate companies have seen buyers successfully re-negotiate deals.

Real estate agents will allow renegotiation instead of letting a dissatisfied customer leave. However, higher housing unit prices don’t mean real estate agents are closing down. According to Nick Millican, realistic sellers are becoming successful. Experienced real estate agents are capable of convincing buyers to choose their units.

Millican anticipates that the UK will experience a more robust spring market than in the past few months. Currently, the viewing activities are increasing, thus, within the property purchase industry, it is making the spring promising.  Nick Millican has also noted that the housing unit price has been volatile since January. Today, the prices may go up, but tomorrow they might reduce. The house cost may increase, but the mortgage approval will still rise.