If there is one thing Nick Millican is famed for, it is his unrivaled expertise in the asset development and investment management fields. However, a new trend in London’s mega properties scene would shock even the most experienced real estate gurús like him. A few case scenarios are making homeowners drastically reduce their initial asking prices for their trophy homes. 

These reasons include:

1.  Unload Surplus Homes

London’s prime properties are in distress, Nick Millican informs, which is a major reason why homeowners are selling their properties at throw-away prices. This is after reports have shown a significant drop in sale prices up to 1.2 per cent last year.

 Even real estate experts like Nick Millican have confirmed a significant downturn in the purchase of luxury homes in London. It is now common for millionaire homeowners to sell their once-priced properties at a price lower than what they bought them for.

1.  Distressed Sellers

Kam Babaee is one of the homeowners who have disposed of their mega properties at a price lower than what they had initially asked for. Nick Millican is his agent. He had put up his family home, The Vicarage in Chiswick, for sale at £7.95M but later sold it at £6.95M.

He believes losing £ 1M on paper is better than keeping his home in a declining market. Even at that price, he still made a windfall for the vicarage he had owned for two decades. This is a trend real estate gurus like Nick Millican are keen to follow up on and note any uptake of some of London’s most prime properties.