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Property Price Update – October 2021

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?

Annual house price growth cooled slightly last month, but growth still remains in the double digits. In September, growth fell just a bit from 11% in August to 10%. Month on month, prices haven’t changed much, just a 1.0% increase.


The average house price in September was £248,742, a very small drop from August’s £248,857. House prices remain 13% higher than pre-pandemic figures. 


With house prices rising quickly, affordability has become an issue. Saving for a deposit remains the biggest hurdle for hopeful homeowners, with 20% – the standard deposit – increasing to well over 100% of many first-time buyers’ gross income.


Mixed picture across the UK

Across the UK throughout the third quarter, price growth accelerated in many regions – Wales, Northern Ireland and Scotland, and most of England as well.


Wales took the lead as the strongest performer among the regions with house prices up 15.3% year on year, the highest growth since 2004. North Ireland followed with 14.3% and Scotland hit 11.6% in Q3.


Within England, Yorkshire & Humberside was the strongest performer for the second quarter in a row with 12.3% growth year on year, followed by the North West with an 11.4% rise. London was the weakest performer, dropping from 7.3% to 4.2% – quite a bit from the second weakest performer, the Outer Metropolitan region, with 6.8% growth.


Looking ahead

Heading into the final quarter of the year, the outlook is uncertain. Now that the stamp duty land tax holiday has expired, and with it any tax breaks available, experts expect for activity to decline. If unemployment increases with the dwindling of government support, demand will decrease.

There are no guarantees, though, as the labour market has thus far remained strong, but even if it does weaken, housing preferences have changed since the pandemic and that might just drive activity for a while. Only time will tell.


Stay in the know

Check back monthly for our regular update on the nation’s property prices.

If you’re planning to buy or sell property this year, contact an adviser 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..

Figures quoted from Nationwide House Price index September 2021.


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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