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Property Price Update – August 2020

Monitoring the housing market is very important for many, particularly those doctors and dentists who are looking to purchase their first home or who are investing in buy-to-let properties. Our monthly Property Price Update gives you a summary of what the experts are saying.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


What’s going on in the UK Property Market?

July was a great month for the housing market. Annual house prices recovered to an impressive 1.5% and also rose month-on-month by 1.7%. Both increases are sorely needed after June’s disappointing decrease of 1.6% from the month prior and a 0.1% decrease annually. The average house price in July was £220,936, up from June’s £216,403.

It appears the easing of lockdown restrictions has quickly helped the market bounce back and the public really does know how to keep calm and carry on, as social distancing and other restrictions still in effect aren’t acting as a deterrent. People are finally able to follow through with moving plans and those that may not have been considering moving house before the lockdown have seemingly had a change of heart.


This recovery is hopefully just the beginning.

The Stamp Duty holiday – the temporary increase of the SDLT threshold to £500,000 – is now in effect, with hopes it will help stimulate activity in the market. According to Nationwide, about 90% of owner occupier transactions during the period running until 31 March 2021 will be exempt from paying SDLT.

This will largely benefit areas with more expensive housing like London and the southeast as property prices in other areas, like the north, don’t reach the same level so the savings would be minimal.


But tough times are not over yet.

It’s best to be cautiously optimistic as there’s really no telling what the market will look like over the next few months. Many predict that we still haven’t seen the full effects of the pandemic. And with the government schemes meant to help people through the worst of it coming to an end, we might be in for more tough times.


Check back next month

There’s never been a more important time to keep an eye on the market and the changes from month to month, so be sure to check back monthly for all the updates on the UK property market.

Figures quoted from Nationwide House Price index July 2020.


Mortgages for Doctors and Dentists

Always remember to visit our site monthly for your regular update on the nation’s property prices.

If you’re planning to buy or sell property this year contact an advisor for personalised advice. 

At Dental & Medical Financial Services, our experts are dedicated to helping our clients select the right mortgage deal for your needs. If you’re ready to take the first step toward home-buying, get in touch with us today.


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