Real estate agent Nick Millican comments on the UK´s current house trends. Over the past year, house prices in London have risen just 0.1%. Hence, the question: Does the current market belong to the buyers or the sellers?

The average house price in London is almost double the national average. As the cost of living keeps rising, the London property market faces unprecedented pressure. Nick Millican, a London-based real estate entrepreneur, finds nothing odd with the fluctuating prices.

Nick Millican believes buyers may have the upper hand, considering property prices are not fixed. With the market under pressure, mortgage rates have increased moderately. This has boosted buyers’ confidence when bargaining. On average, London sellers have been offering £19,500.

In March, house inquiries in London increased, which gave sellers confidence in listing their properties, Nick Millican reports. He said the trend continued in April, with demand outweighing supply. However, most interested buyers were budget-conscious and wanted fully finished properties. 

Traditionally, buyers go for fixer-uppers at a bargain price and renovate them. Unfortunately, the increasing cost of materials and labor shortage have made the exercise costly. The average deposit to buy a house in London is £144,000. With the global economy still in crisis, Nick Millican finally states, most young buyers struggle to raise this amount. Hence, their overreliance on funds from relatives.