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Property Price Update – March 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.

What’s happening in the UK Property Market?

The second month of 2019 has turned out slightly better in terms of annual house price growth. January reported the bare minimum of movement, but the latest numbers from Nationwide boast a marginal 0.4% increase from January’s. The trend is indeed going in the right direction, but if growth will continue to be this subdued for the rest of this year remains to be seen.

Unfortunately, there was no upward growth seen in average house prices. February’s results fell slightly from January, with prices dipping to £211,304 last month. This continues the decrease from December to January with prices also dropping.

Other indicators of housing market activity that are considered when evaluating the health of the market, including the number of property transactions and mortgages approved, have held steady over the last few months. But the experts aren’t convinced the status quo will remain for long. Consumers are experiencing a dip in confidence since the beginning of the year and surveyors are reporting another decrease in new buyer enquiries in the first few months of 2019. So far, the lack of new properties on the market hasn’t seemed to have made a significant impact on the supply/demand balance in the market.

Home ownership on the rise

Despite the less than favourable conditions of the housing market, the rate of home ownership in the country has taken off. According to the Ministry of Housing, Communities & Local Government’s (MHCLG) most recent English Housing survey, the rate of home ownership has increased slightly over the course of last year. 2018’s home ownership rate rose to 63.5% from 62.6% in 2017.

We have mortgages to thank for this increase. Around 2005, the number of people owning their home with a mortgage started to steadily decline. The number of home owners with a mortgage climbed 5% last year to 6.9 million. While these numbers are definitely improved, they are by no means close the highest record – 20% in 2000.

There are a few factors in play for this shift of power from investors to home buyers, including first time buyers: encouraging labour market conditions, policy changes (including in the regulatory and tax system), and government schemes such as Help to Buy equity loan. While the report is filled with good news, the 57% home ownership rate still needs to rise a lot to get anywhere near the high of 73% from 2006.

Continue to monitor the market

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.

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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