First Time Homebuyers Face London Problems says Nick Millican

London’s property ladder has continued to climb despite a fall in the deposit needed by first-time homebuyers. The London property sector is well known to Grey Coat Real Estate CEO Nick Millican, who believes problems will rise if London’s spiraling costs for first-time buyers are not addressed. 


The experienced real estate agent Millican explains climbing interest rates and high deposits are forcing single people and first-time homebuyers to turn away from London. The average first-time homebuyer deposit in 2023 has fallen to an average of $113,078. This, according to Nick Millican, is a sign of the rising average home price in the English capital, which has reached $496,208. 


Nick Millican explains the problems facing the U.K.’s first-time homebuyers. This,  in terms of affordability, will act to reduce the growth of the British housing market in London and beyond. The British real estate market has been struck by problems associated with the cost of living and inflation. 


Real estate expert Nick Millican has seen a rise in first-time homebuyers making purchases jointly to lower costs and increase affordability. A recent study by the Halifax Banking Group shows the deposit rate has reached 23 percent in the U.K.

The agent  believes the number of homebuyers looking outside London will continue to climb. The real estate expert points to the low ratio of home price to earnings far from London as a draw for many. The U.K.’s lowest home price to earnings ratio can be found in Inverclyde in Scotland at 2.8 percent. In contrast, Nick Millican finally states, the London Borough of Newham hit 10.5 times the average earnings.