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Property Price Update – February 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 happening in the UK Property Market

The start of the new year has brought a turn in annual house price growth. January’s annual house price growth surged to 1.9%, up 0.5% from last month. Month to month, there was an increase from 0.1% in December to 0.5% in January. This follows 12 successive months where annual price growth couldn’t crack 1%.

The average house price in January was £215,897, up slightly from December’s £215,282, starting the new year on the right foot.

Indicators of housing market activity were up and down all of 2019, but closed the year on a downturn as global growth weakened and Brexit loomed on the horizon. Even though economic growth stalled at the tail end of last year, businesses are already reporting increased activity one month into 2020.

Factors like the number of mortgages approved continue to persist at the same level they have for the past two years. Housing market activity is expected to remain fairly stable thanks to the healthy labour market conditions and low borrowing costs despite uncertain economic conditions.

Looking ahead

Economic developments are expected to be the driving force behind the housing market this year.  As long as trade relationships are being negotiated and global growth remains low, uncertainty will reign supreme. Still, economic growth is predicted to grow modestly, and house prices likely will be relatively steady throughout the year.

Home ownership rate on the rise

According to the Ministry of Housing, Communities and Local Government’s (MHCLG) latest survey, the home ownership rate modestly increased last year to 63.8% (slight uptick from 63.5% in 2018).

Surprisingly, the increase in home ownership rate is thanks to people outright owning their homes, and homeowners with mortgages only contributed slightly. Households owning their homes skyrocketed to 8.1 million – a record high, up from 7.9m the year prior. The demographic responsible is 65-year-olds and over thanks to a general increase in this population owning homes.

Though homeownership for those aged 25-34 has largely declined in recent years, last year the rate actually increased due to a supportive labour market and government schemes, such as Help to Buy equity loan, helping with first-time buyers.

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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