Real estate agent Nick Millican comments on the UK´s current house trends. When the pandemic came to an end, people with property placed their houses on the market with the hope of selling them for a high price. They did not expect this to last, so they believed that they would lower their prices after people purchased houses with the highest prices first.
According to Nick Millican, they believed that they would need to lower their prices even further after that. The real estate agent is beginning to see that this is not how it will be for most people because four out of 10 homeowners must decrease their asking prices before they find an interested seller.
Now, there is more competition. According to real estate agent Nick Millican, one-third of houses in London are sold for an amount that is higher than the original asking price. This means that the majority of property owners in London receive 99.2% of their asking price.
Nick Millican says that some houses are still overpriced. The strategy that some people are using seems to be to ask for a high price and lower it in two to three months if this becomes necessary (Bmmagazine).
Nick states that people are buying houses that are reasonably priced, and this is especially apparent with flats. People are agreeing to purchase flats for higher asking prices because the rents have been increasing so much. Currently, more people want to buy homes than want to sell them, but London is still a place where more people want to sell than want to buy. Even so, Nick Millican sees more houses being bought and sold in the future.