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Property Price Update – June 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?

It comes as no surprise at all that annual house price growth plummeted in May as the full effect of the coronavirus has finally reached price growth figures. In the largest fall since February 2009, house prices last month dropped 1.7%, after a 0.9% increase in April. Year on year, the annual change is currently 1.8%, down from 3.7% last month.

The average house price in May was £218,902, a decrease from April’s £222,915.

During the first few months of the year, activity levels and price growth in the housing market had been growing steadily thanks to strong labour market conditions, low borrowing costs, and a more stable political climate.

As a result of strict measures to help to stop the spread of the coronavirus, this upward momentum has halted.

According to HMRC, residential property transactions were down 53% in April compared to the same period last year.

On top of that, mortgage activity has also slowed down, but there are still enough to glean statistical information. However, low transaction levels do make it difficult to predict price trends in the future.

The full reach of the outbreak

Despite the reduction in lockdown restrictions recently, the effect of the past few months will be felt for quite a while. There’s still a risk of contracting the virus so many people will still be maintaining social distancing and continuing to operate as they have been. So, it’s likely that people will continue to put off moving, just as they have done during the pandemic. We may not see a return to normal buying behaviours for at least another 6 months.

On the other hand, being stuck at home during the lockdown might have forced some homeowners to face all the issues they have with their property head-on. Many might have changed how they feel about their home, changed their priorities about what they view as important to have in a home, or even spurred them on to move completely.

Looking ahead

As usual, the housing market is highly dependent on the wider economy, so it’s hard to determine what the medium-term future will hold. In March, economic activity decreased by 5.9%, only slightly less than the figures reported during the last financial crisis.

Hopefully, the government recovery policies – which are meant to protect businesses and jobs and to safeguard the public’s incomes while also keep borrowing costs down – will have a positive impact and mitigate any long-term damage.

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 May 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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