According to Nick Millican, the days of property markdowns are long gone. Thanks to competition to purchase property in London, houses are sold at or above the asking price. If you are looking for a bargain, you may not find any in London, says Millican.

Asking prices are being met or exceeded for one in three homes on the market now. The numbers are up from the closing quarter of 2023, as Nick Millican estas. The market is performing its best since the 2022 interest rates.

It is not only homeowners who are fighting for houses, reveals Millican. The current market is creating stiff competition among real estate agents. However, many agents believe sellers are pricing some homes entering the market excessively. According to Nick Millican, it is a unique strategy for sellers who have time on their side.

They start high, and if the house sells, great. If the house does not, they can start lowering the price. According to Nick Millican, when homes, especially flats, are priced right, they are in high demand from buyers. It is causing competition among buyers, though. Even flats are going for above the asking price.

The reason for this is rent prices are very high in London. Nick Millican believes home prices will settle down later this year. Even with prices flatlining, it will not stop the increasing number of homes being bought and sold. London will remain a high-priced area, though. More people want a home than homes for sale.