Business

Nick Millican’s Call for London Landlords to Adjust to the Rental Market Slowdown

According to the real estate expert Nick Millican, the latest Zoopla rental index indicates a 10 percent decrease in rent in some areas of London this year compared to last year. The statistics show a 125 percent increase in landlords lowering rents and subsequently 40 percent more properties in the rental market this time compared to last year.

While this is supposed to be great news, the changes have minimal impact on the UK property growth rate. Ironically, fewer tenants are looking for a place to rent this year despite the decreased prices, Nick Millican shares.

In contrast to last year, tenants were competing for the dwindling number of homes yet there was a sharp rent increase. Many UK landlords have been forced to start reviewing their prices due to the sudden changes. Nick Millican informs how renters have exhausted their capacity to pay for the increased rents as rent takes a higher proportion of their income.

In the latest findings by the prestigious Generation Rent, there is no single London borough cheap for a care worker, cleaner, or bus driver to rent in. According to Nick Millican, a real estate industry expert, London rents are unaffordable if they remain high. He asserts that UK landlords must adjust to remain competitive in the market. 

Nevertheless, he agrees that the peak rental growth in London is a piece of welcome news for renters and it is likely to impact the UK property growth rate. In the meantime, Nick Millican finally states, the changes call for landlords in the UK property market to reconsider their business model as they prepare for any further disruptions.