Nick Millican on How Rising London Rent Prices are Slowing Down

Fully into 2024 at this point, people with their eye on the London housing and rent crisis like real estate agent Nick Millican have started formulating predictions regarding rent prices going forward. As we all know, the price of rent spiraled out of control back during the pandemic and we’re still feeling the effects of it. Even so, there may be some good news moving forward when it comes to rising rent prices.

 

Slowing But Not Stopping

 

Overall, rent prices in London are expected to continue rising throughout 2024. The good news, as Nick Millican points out, is that they are only expected to rise by 2%. This is a drop in the bucket compared to previous years. Even so, the fact that the rent increase hasn’t stopped and won’t stop for the foreseeable future is troubling to some.

 

Huge Demand for Renting

 

The demand that is driving rent prices continues to this day, Nick Millican assures. On average it only takes 13 days for a rental property to fill up with tenants; this is of course a response to the fact that buying a home is much harder than it used to be even though home prices are coming down a bit.

 

The Affordability of Rent

 

Even with rent prices slowing down some say that rent is still unaffordable. £32.1 billion was spent on rent last year which was a new record and the average rental price in London is a whopping £2,125. Despite this, Nick Millican remains optimistic about the future of London rental properties.