The demand for homes (especially in London) has risen dramatically over the past few years as buyers are taking a deep breath recovering from the marketplace recession. In the last 12 months, London peaked 2015 home prices by 20 percent; according to real estate expert Nick Millican, this rise in interest can be attributed to both the stamp duty overhaul due to Brexit. 

It appears as though the 2019 general election that recently threw the sales makes into a state of paralysis seems to be coming to a close—at least temporarily.

Return of the Sales Cycle

Buyers are realizing that now is the time to buy before home sales repeatedly soar, sending the market into full swing along with the ‘Boris Bounce’ of 2020 that’s followed the post-pandemic rebound. The number of buyers registering today is 12 percent higher and up by a third since the ‘Boris Bounce’, Nick Millican assures.

Another factor increasing investor confidence are the expectations that the Bank of England will reduce base rates to bring down mortgage costs by summer of 2024.

The Future of Real Estate in the UK

Don’t miss out on the second half of the nation’s property cycle when people relocate to other cities in search for better values for their investment. This slump is usually temporary, but was extended by the pandemic exodus leading to a delayed recovery, according to the expert. After rising back to normalcy, Nick Millican finally states, the state of the market has reversed. Whole numbers fell by 75,000 during the virus, it’s returned to its 2022 peak and shows no sign of reversing soon.