If you ask Nick Millican, he will tell you, buyers are back in record numbers. Home sales are over 30% higher than last year and almost 20% higher than the same time in the previous three pre-Covid winters.
Buyers anticipate that the Bank of England’s interest rates will be reduced by summer. Some compare the start of 2024 to the “Boris Bounce” of 2020, after the general election and the promised completion of Brexit.
This shift in the market completely stopped once everything shut down and the property sector closed. Typically, Nick Millican comments, the property sector has a pause between Christmas and spring; however, this year, it has not stopped.
Consistent rate hikes and a disastrous min-Budget have kept buyers out of the market. Buyers have become accustomed to higher rates, and since rates are becoming more competitive, buyers are ready to return to the market. And this is where Nick Millican comes in.
For a few years, external factors paralyzed buyers. Things are shifting, and people are moving back to the city. According to a report from the Centre for Cities, the population of London is well over what it was even before the pandemic. First-time home buyers and foreign buyers have increased also. For Nick Millican, this big issue now is space and finding homes for everyone. Deposits are still high and are a barrier to entry for many, especially those who don’t have family who can help.