The rent in London has been steadily climbing over the past few years, real estate expert Nick Millican explains. The good news is that rent prices are changing and people may finally be able to get some relief. Rent is still projected to increase in 2024, but it is only expected to increase by two percent. 

According to the Zoopla Rental Market Report, people in London have to allocate 40 percent of their monthly budget to rent. Nick Millican then adds that the average across the United Kingdom is 28 percent.

Zoopla also stated that many landlords have started to lower the cost of the rent. They have stated that many people simply cannot afford what the landlords are asking for. As Nick Millican states, the imbalance of supply and demand is one of the reasons that the cost of rent has increased. The demand for rental is not meeting the supply for it.

Not only are fewer people renting in London, but there are more people looking to buy homes, Nick Millican rapports. In fact, many landlords have stated that first-time homebuyers are becoming one of their biggest clients. Many people believe that buying is the more cost-effective option.

It can be difficult to decide whether it is better for you to rent or buy. Nick Millican uses his years of experience in the real estate field to help people make that decision.