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Property Price Update – February 2019

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.

News from the UK Property Market

The first month of 2019 has not fared any better than the end of 2018, as annual price growth remained stagnant. The figures reported are a slight 0.3% increase from December’s numbers and a paltry 0.1% increase from this time last year. However, the stats are continuing to rise, rather than decline.

In the same vein, average house prices decreased marginally again in January, with prices dipping to £211,966 last month. Prices do seem to be dropping, however moderately, as December’s average house price was £214,281.

Other factors considered when gauging the state of the housing market, including the number of property transactions and mortgages approved, have held steady over the last few months. But signs are pointing towards that declining in the near future – after the holidays consumer confidence has weakened and new buyer enquiries at the end of last year dropped. Supply on the property market has also taken a downturn, but not so significantly yet to shift the supply/demand balance of the property market to become a buyer’s market.

Unreliable market effect

As usual, the unpredictability of the economy has greatly affected buyer’s outlook. This, contrasted with solid employment and wage growth and low borrowing costs, breeds consumer suspicions about the future of the market. Experts are confident that once a solid deal has been reached regarding Brexit and the economy’s prospects level out, the housing market and housing prices will respond accordingly.

No one can say for certain, but if the rate of growth continues on its current trajectory, the unemployment rate remains the same, and borrowing costs stay low, we may be able to expect UK house prices to grow at a modest single-digit pace for the rest of the year.

Continue to monitor the market

Despite the murkiness of the future of the economy, we can take heart that there does still seem to be activity on the market. It’s never been more important 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.

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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