London’s housing market saw an average fall of $14,000 for homes being listed in November. The month-on-month average fall in London’s house prices reached 2.1 percent as sellers began to lower their price expectations. London real estate expert Nick Millican believes the average fall in house price reflects a change in attitude toward house selling in the U.K. capital. 

 

The overall drop in house prices saw differences throughout London’s boroughs, Nick Millican adds. The real estate expert explains the biggest fall in house prices came in the borough of Hackney, which fell by 3.2 percent from October to November. The next biggest fall was in Sutton, where the average house price fell by 1.8 percent. 

 

The real estate expert Millican welcomes the slight dip in average house prices as a sign of changing expectations that will make the markets healthier. Among the benefits for the London housing market is a shift in marketing. Nick Millican explains the marketing shift is designed to attract buyers to areas of the capital that are not as sought-after.

 

Not all house prices fell in November, with some boroughs seeing a rise in the average house price. Nick Millican explains the boroughs of Lewisham and Westminster rose by around two percent. 

Millican believes that more buyers will bid when a house is priced correctly. The lowered prices will boost the markets in the U.K. capital, with Nick Millican welcoming a more realistic approach to real estate marketing in London