According to research done by Nick Millican, spring 2024 could see a mini recovery in London house prices. He predicts there will be a small rise in house prices. It’s the result of tumbling repayment rates. Some real estate professionals felt London home prices would fall 4%. 

But the Truss-Kwarteng mini budget mayhem looks like it will cause home prices in London to increase, Nick Millican says. That’s because in the next 6 months the Bank of England seems poised to make a rate cut after it has raised rates 15 times in a row. 

Reports Of Reduced Inflation

Nick Millican has found out that three leading economic consultancies anticipate that by April inflation will go down to 2%. Plus, the financial markets expect there to be up to five downward adjustments of 0.25% by year’s end. As a result, this January has seen several good, new mortgage deals of under 4% being offered. 

Millican expects this spring to have a small London house price recovery. Several top estate agents now agree with Nick Millican and see house prices in London rising by about 2%. That’s because the leading financial markets expect two 0.25% base rate cuts within the next few months. 

A Good Selling Season

Spring 2024 promises to be a good season for selling, Nick Millican says. Some mortgage lenders have gotten into a price war, and this has resulted in reduced repayment rates. Even Santander and Barclays have lowered fixed-rate mortgage deals by as much as 0.82%.