Nick Millican’s Insight: Navigating Price Adjustments in Home Counties’ Property Market

Since last summer, home sellers in Home Counties have dropped selling prices by 10 percent. This is after houses valued over £1 million reduced their asking prices by approximately £151,130 as real estate expert Nick Millican comments. However, demand for homes near London is high as companies continue with remote work policies. 

The partial return to working from office has increased demand for homes in the outskirts of London and commuter towns. According to Nick Millican, around 70,000 households shifted from London last year. In coastal regions, interest rates have surged, leading to higher mortgage costs for owners of second homes. 

As Nick suggests, this could be the reason behind price reductions in places further afield. Places like West Sussex have seen asking prices reduce by 12.6 percent. The average time it takes to find a buyer for these homes has also increased to 100 days. As Nick Millican comments, most people moving back to London or its outskirts attribute this to the increasing need to commute. 

Others crave social interactions and career opportunities in London. This has led to places like Essex seeing an 11.2 percent drop in asking prices. Nick Millican adds that Kent property sellers have also reduced asking prices by 10.6 percent, equivalent to £149,220

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Nick Millican highlights a notable variation in the price of prime properties in Home Counties. He further explains that house prices in the South East, typically the highest in the UK, experienced a decline last year. This resulted from successive interest rate hikes by the Bank of England.

Since last summer, home sellers in Home Counties have dropped selling prices by 10 percent. This is after houses valued over £1 million reduced their asking prices by approximately £151,130 as real estate expert Nick Millican comments. However, demand for homes near London is high as companies continue with remote work policies.    The partial…