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Property Price Update – October 2020

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?

September was a great month for the housing market. Annual house price growth hit an impressive 5% last month, the highest rate since September 2016.

House prices also rose month-on-month by 0.9%. Coupled with August’s 2.0% rise, most regions enjoyed a pickup in house price growth rates over the third quarter. The average house price in September was £226,129, up from August’s £224,123.

A strong recovery

Over the last few months, the housing market has experienced a strong recovery. Mortgage approvals hit 85,000 in August, beating the 2019 monthly average of 66,000, and hitting the highest levels since 2007.

Recovery is down to several factors. With lockdown easing, the backlog of demand has finally caught up. People who were set on moving before the pandemic are now picking up where they left off and the time spent indoors has turned many others towards moving. Additionally, the stamp duty holiday has helped make the decision to buy a home an easy one.

However, with stricter measures being reintroduced across the country, we might see that trend start to decline again, so it’s still best to be cautiously optimistic as the market is liable to change quickly over the next few months. Government schemes should help people through the worst of it, but there might be more tough times as areas around the nation return to more restrictions.

A polarising pandemic

It seems that many young people who were planning to move before coronavirus hit have put their plans on hold, too worried about the state of the property market, employment, and the economy overall. They might be right as labour market conditions are expected to weaken with a resurgence of the virus on the horizon.

On the opposite end of the spectrum, staying stuck in closed quarters for most of the year has spurred many to jump into house hunting, especially around the capital. Homebuyers are actually looking to move to different areas and are looking for particular features like garden access or outdoor space.

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 September 2020.

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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