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Property Price Update – March 2018

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. With 2018 in full swing, we look at what is happening with the UK property market. 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 latest data released by Nationwide indicates that the annual house price growth has increased again this month, but slowed to 2.2%. This is down 1% from January’s 3.2% annual growth.

The average house price for February was £210,402, also down 0.3% when compared to January’s average house price of £211,756.

The annual growth demand remains in the 2-4% range, continuing the steady trend in the market for a full year.

Property remains an important part of a portfolio

A survey from ONS Wealth and Asset on household wealth, assets, and distribution of wealth has found that property wealth (value of land and property less unpaid debt) is the second largest portion of a household’s value in the country. Totalling approximately £4.6 trillion net over a two year period, this is roughly two and a half times the entire UK output in 2016.

Private pensions (including occupational, personal, and AVCs) took the top spot, and rounding out the study was “other financial” and physical wealth (household possessions and valuables). These statistics suggest how important getting on the property ladder is for starting and cultivating an investment portfolio.

The survey also found that the distribution of assets was highly disproportionate: 44% of household wealth was held by only 10% of households. This set of people possessed 46% of the private pension wealth, 40% of net property wealth, and 60% of other financial wealth. Conversely, the bottom 50% of households possessed less than 10% of total wealth, including property and private pension wealth and only 2% of other financial wealth.

Predictions for the future

Since we only have a few months of 2018 under our belt, it is not yet clear how potential impending rate hikes will affect the market. The slight decline this month could be a result of any number of factors. Mortgage approvals and buyer enquiries are at a three year low but the lack of available existing properties on the market is a contributing factor to prices remaining cut-rate.

However, moderate stock prices provide some hope for the immediate future. Experts predict limited growth in the housing market for 2018, in line with the overall moderate economic growth.

Our advisors stay on top of the ups and downs of the housing market, so get in touch for expert guidance and check back next month for the next installment of our Property Price Update.

To learn more about the ever-changing property market, keep an eye on our monthly property price update, or contact an advisor for guidance.

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