There is no question that Nick Millican is one of the most brilliant minds of our time when it comes to real estate. The real estate agent shared many predictions and thoughts that have all turned out to be true time and again proving the veracity of his great wisdom.
These days Nick Millican has his eyes on the London housing crisis which has been raging on since the pandemic began dying down. It’s a terrible situation, but the asset management expert sees some light at the end of the tunnel if things keep going the way they are.
How it All Started
During the pandemic, many people left London to go live in less populated areas. There they would work remotely through their computers and avoid crowds as much as possible, Nick Millican recalls. However, once the pandemic started to die down, bosses wanted their employees back in the office. Many resisted this, but many had no choice.
As a result, London was flooded with people looking for a place to live which drove up home prices. While this in and of itself was troubling, it also had a secondary effect. With many people not able to avoid the overpriced homes, they turned to rental properties. According to Nick Millican, this increased demand for rental properties caused the price of rent to skyrocket as well. The result of all this is the ongoing London housing crisis.
Are Things Getting Better?
Nick Millican has noticed that the cascading effect of the London housing crisis isn’t over. As more people began looking for rental properties in the city, house prices began to fall somewhat and buyers now found themselves with the advantage. However, even able to demand significant discounts, the prices of homes and properties are still much higher than they were pre pandemic. Will prices continue to fall? Nick Millican believes that only time will tell.