Nick Millican´s Thoughts on the Renting Crisis in London

When it comes to renting in London, things aren’t looking so hot these days. Nick Millican who’s an expert in investment management and asset development for real estate has noticed some concerning housing market trends that have led us to this point and may continue for some time. 

Nick Millican states more on the views. The good news according to the investment manager is that by looking at the facts, it’s easy to see why Nick is still hopeful for the future.

Close to Eviction

Perhaps the most startling fact is that now two out of five renters in the London area are just one pay slip away from not being able to pay their rent. This means that if they were to lose their job or suffer a costly emergency they could end up without a place to live (Facebook).

Nick Millican also noticed that more than half of working renters on a national level are basically in the same situation. This is largely due to the lack of homes causing people to have to settle for hugely expensive rentals.

Rent Going Up

As if being one step away from eviction wasn’t bad enough, the cost of rent has been going up as well. Nick Millican has noticed that around 60% of private renters have had to deal with their rent increasing over the past year. Rents have risen on average by 5.5%.

Getting Through These Tough Times

While things are difficult right now for renters sake, there is hope. Nick Millican’s real estate expertise has given him the insight to see that these conditions can’t last forever and that making smart financial decisions can help many people get through these tough times.