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Property Price Update – November 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. 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

Annual price growth took quite the dive in the month of October. The most recent numbers from Nationwide reveal that prices have dropped to 1.6% – the lowest reported growth since May 2013. Month to month prices were flat.

Average house prices last month were slightly down compared to September, with prices coming in at approximately £214,534. It’s a very minimal decrease from the previous month, where the average property price was £214,922.

It’s unfortunate that property price growth has finally fallen under the 2% threshold, coming up just short of Nationwide’s forecast for the market this year. The run was good while it lasted as the figures had previously been hovering right around 2%, staying consistently between 2% and 4%. October’s results bring the year plus long trend of staying in the 2-3% range to a screeching halt.

Looking to the end of the year

With only a few more months left remaining this year, we’ll keep a sharp eye on the performance of the market. Household incomes remain pressed and as a result, policymakers have warned that interest rates will most likely continue to climb at a moderate pace for the foreseeable future and may just remain elevated for years to come.

Experts in the property market are still holding tight to their estimate of 1% growth for the remainder of the year. However, the wider global economy will surely affect the performance of the market, as it tends to do.

Changing market conditions

There has been very little change in housing market activity in the past few years compared to longer term. The 1.2 million transactions logged in the last year leading up to September of this year are 30% lower than the same timeframe in 2007.

Of note is the shift in transaction patterns, though. Directly following the financial crisis, cash was king because buyers that predominately used cash for purchases were not greatly affected by the stricter credit requirements or the declining market conditions. The growth in the private rental sector and conversely, the rise of people owning homes outright and therefore, not requiring a mortgage for their next home, has contributed to the sustained prevalence of cash transactions ever since.

Only recently have we seen a revival of sorts for first-time buyers due to improved credit availability, government schemes, low interest rates, and better labour market conditions. Buy-to-let purchases requiring a mortgage have declined lately which can be attributed to changes in tax legislation and underwriting standards.

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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