Nick Millican Weighs in on New 1% Home Deposit Scheme

Nick Millican shares about London’s current housing market. London residents who have been struggling to save up enough money for a downpayment on a home may now have a way to move forward. It’s a new scheme that offers a mere 1% deposit.

This, to give a first-time buyer a chance at buying a home. The new plan, offered by Fairview New Homes, allows home seekers to move into a property and pay rent that will build toward a deposit. As Nick Millican adds, the rental rate is calculated by taking the average rent in each location. 

The average time for reaching the 1% deposit level is six to 12 months. Noted real estate developer and expert in the industry, Nick Millican, said he noticed a strong reaction to the offer. He cited a news report showing that Fairview’s Epping Gate location fielded 17,800 inquiries for the innovative scheme.

Nick Millican said months of sky-high interest rates and historically high mortgage costs have forced many in his industry to innovate. It remains to be seen if the 1% plan can be a catalyst for selling more homes to buyers leery of the high expense of getting into a London location. Millican added that some challenges remain with the program. 

For example, not all lenders are willing to offer mortgages under the plan. Others say it is not a long-term solution. Nick Millican is known for his vast experience with investment management and asset development. Renowned for his keen financial acumen, Millican earned a degree in chemistry from the University of Oxford.

Nick Millican shares about London’s current housing market. London residents who have been struggling to save up enough money for a downpayment on a home may now have a way to move forward. It’s a new scheme that offers a mere 1% deposit.   This, to give a first-time buyer a chance at buying a…