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Property Price Update – April 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 happening in the UK Property Market?

Perhaps surprisingly, March continued the upward trend for annual house price growth that the country has enjoyed since the start of the new year. March’s annual house price growth inched up to 3.0%, an increase from 2.3% last month and the highest growth since January 2018.

From February to March, after taking into account seasonal factors, prices increased by 0.8%, marking 6 months straight of month on month increases. The average house price in March was £219,853, an increase from February’s £216,092.

Coronavirus effect

One thing to keep in mind is that the bulk of this data was collected prior to the UK government’s lockdown, so the effect is not reflected.

Before the outbreak, activity levels and price growth in the housing market were trending upward due to strong labour market conditions, low borrowing costs, and a more stable political climate. Any traction gained will be lost, an unfortunate side effect of measures taken to control the spread of COVID-19.

The government has advised against conducting housing transactions at this time. This will make determining house price trends quite difficult. But with the housing market being dependent on the wider economy, and because of measures taken to reduce the spread of the coronavirus, what the medium-term future will look like is up in the air. Hopefully, the downturn doesn’t last long once the policies meant to support recovery are implemented.

First quarter performance

In most regions across the country, annual price growth was up in the first quarter of 2020.

Wales takes the lead as the strongest performing region in Q1 with annual price growth of 6.4%. England’s annual house price growth rose to 1.9%, with Scotland’s coming in at 0.8% and Northern Ireland’s at 0.7%.

All regions in England, apart from the North, experienced moderate growth between 0% and 5%, whereas, in the North, prices were down 0.3% from the first quarter of 2019. Despite this, house price growth in Northern England took the lead against the southern regions, which hasn’t changed since 2017. The strongest performing region was Yorkshire & Humberside with prices up 4.3% from last year.

London’s growth recovered slightly to 1.0% after ten straight quarters of annual price declines, but prices in the capital still haven’t fully bounced back to the previous peak performance figures.

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 March 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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