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Property Price Update – June 2021

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?

The UK housing market enjoyed quite the boom in May, with annual house price growth surging to double digits last month. Hitting 10.9% in May, the highest level in almost 7 years, prices are up 1.8% month on month from 7.1% in April.

The average house price in May was £242,832, up from £238,831 in April.

It’s a welcome surprise how much the market has turned around over the last year. At the start of the pandemic, the housing market did not fare well, transactions falling to record lows. But towards the end of 2020, activity started picking up and has skyrocketed since the beginning of this year, hitting record highs.

The extension of the Stamp Duty Land Tax scheme drove a good portion of the activity over the last few months, but it’s not the only factor. Shifting housing preferences that came out of the pandemic have been responsible for the majority of hopeful homebuyers.

Looking ahead

Through the end of the year, the outlook for the housing market remains relatively good thanks to the stamp duty temporary reduction and extra support for the labour market announced in the Budget.

Low borrowing costs, increased household savings, and government schemes designed to help first-time buyers and those with low deposits get on the property ladder will all contribute to sustained activity throughout 2021. And with the limited supply on the market, house price growth might even accelerate more, especially in comparison to last year at the same time.

Beyond the next six months, the long-term outlook is still unpredictable. Experts fear the end of furlough might lead to a rise in unemployment and increased inflation might halt recovery efforts. But the positive trajectory might be maintained if the demand for properties with access to outdoor space and more space in general still fuels people’s behaviour after the pandemic.

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 May 2021.

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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