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Property Price Update – December 2019

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

With the slightest of increases in the housing market in November, the nation is proving that Brexit hasn’t completely stopped the economy. So, there is some positive news while the country awaits the outcome of the UK political situation in both Brexit and the upcoming general election.

For the 12th month in a row, the annual house price growth hovers just below 1%, sitting at 0.8% – a slight improvement from 0.4% in October.  

Although household spending has still been continuing steadily, we’ve mainly seen business investment dropping and slowing down while organisations wait to see what the future holds with regards to UK economic activity.

UK politics cannot be blamed entirely for the low housing market trends

With just weeks until Christmas, buying a house may not be top of the nation’s wish list, which is why around the end of the year we generally see property sales slow down. But come the spring we expect an increase as the new financial year starts for many, and the months start warming up again.

Research recently undertaken by Nationwide has revealed that past general elections haven’t really had a huge impact of the buying and selling of property. So, if you are thinking of buying a home, you could well get a good deal while mortgage rates are still low and the market is favoured towards first time buyers.

Average house prices increase slightly to £215,734, compared to October’s average of £215,368 – a less than £400 increase.

Average property prices in London versus the home counties over the last 12 months

According to Rightmove, most property sales in London over the past 12 months have been flats, which on average have sold for around £606,000. Terraced properties provide an average sold price of around £874,000 and semi-detached properties averaged at around £982,000.

Here we’ve collated the overall average prices for a selection of counties across the UK:

  • London with an overall average property price – £728,595
  • Kent with an overall average property price – £358,829
  • Essex with an overall average property price – £357,853
  • Surrey with an overall average property price – £540,015
  • Hertfordshire with an overall average property price – £464,663
  • Bedfordshire with an overall average property price – £311,101
  • Cambridgeshire with an overall average property price – £312,424

Speak to the experts

With low mortgage rates yet an uncertain economy, it’s a good idea to monitor the future movement on the market. Our financial experts can help you to make the right property decisions for you.

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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