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Property Price Update – May 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 the UK Property Market?

The first month of the second quarter of 2019 has remained subdued in terms of annual house price growth. The trend is still going in the right direction this year, with a reported growth of 0.9% in April. Month on month, there’s been a 0.4% change from March to April, which continues the month to month growth that the first quarter experienced.

While these numbers are slightly encouraging, they’re still nothing to write home about. Whether or not growth will really take off anytime soon is anyone’s guess as April marks the fifth month in a row that annual house price growth has been less than 1%.

The average house price growth has continued. The average house price in April was £214,920, a small but heartening lift from March’s £213,102. This slight increase continues the very recent turnaround after price drops in previous months, so we can only hope the good fortune continues.

Other housing market activity

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 remained consistent at the start of the second quarter. How long the status quo will remain is the question many experts are asking, though. Consumer confidence has still not bounced back from the turn of the new year and new buyer enquiries have remained restrained. It is still a bit of a seller’s market as the lack of new properties available has meant that the supply/demand balance has not shifted in favour of buyers just yet.

First-time buyers making a comeback

Some good news has come out regarding first-time homebuyer numbers. Despite economic uncertainties and all the other factors that have dampened consumer enthusiasm for big purchases, first-time homebuyers aren’t being deterred. In fact, the activity within this segment has been approaching pre-financial crisis levels over the last few years.

What’s contributing to this steady rise?

A few factors supporting the rise in first-time buyers include:

  • The strength of labour market conditions,
  • A healthy employment rate that continues to rise,
  • Earnings growth slowly picking up
  • Low mortgage rates (despite the fact that house prices remain high in relation to average earnings).

It seems the biggest hurdle to overcome is the deposit as the monthly costs associated with owning a home are in line with average take-home pay. While many individuals wouldn’t struggle with day-to-day expenses, the strain of saving for a house deposit is definitely challenging.

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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