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Property Price Update – September 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.

News from the UK Property Market

Following a few months of uncertainty and waveringly low property prices in May and June, August has followed on from July, with another increase in results.

Nationwide reported a 2% rise month-on-month, after applying seasonal factors (1.8% month-on-month increase in July).

The rise in August 2020 is the highest increase since 2004, with an annual house price growth change at 3.7% (1.5% in July 2020).

The average house price in August was £224,123, up from July’s £220,935.

“House prices have now reversed the losses recorded in May and June and are at a new all-time high.” Robert Gardner, Nationwide’s Chief Economist

Are things looking up, or is it temporary?

The ease of lockdown has certainly released pent up demand. Transactions that were placed on hold back in March, have now been fuelled by months of frustration and there is a sense that people just want to get things underway.

This coupled with an underlying assessment of living arrangements during lockdown, is also spurring people to look for more suitable properties. According to Nationwide’s research in May, 15% of people were considering a move due to lockdown.

Also, the Stamp Duty Land Tax (SDLT) holiday is bringing forward opportunities for homeowners to consider a transaction.

Is this upward trend set to stay? Well, experts suggest that the movement in the market looks positive. However, we have yet to see the impact of the labour market conditions following the winding down of the government furlough scheme, which could dampen this current buzz if people finding themselves in unfavourable financial positions.

What should property owners be doing right now?

Many property owners, even if they didn’t previously have the intention of selling, are trying their luck on the market; some fearing a future market crash is looming are hoping to make hay while the sun is still somewhat shining. Others are investing into new or additional property to take advantage of the savings from the SDLT holiday and more choice in the market.

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 August 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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