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Property Price Update – March 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

This month continues the strong start for annual house price growth that January brought. February’s annual house price growth was 2.3%, up from 1.9% the previous month, and the strongest rate for 18 months.

The average house price in February was £216,092, a modest increase from January’s £215,897, hopefully starting a trend for the remainder of the year.

Buyers are returning to the market

Despite the economic slowdown toward the end of last year, the election, favourable labour market conditions, and low borrowing costs seemed to restore a bit of buyer’s faith. New data suggests that the housing market is gaining momentum, with house prices catching up quickly.

Surveyors are reporting an increase in new buyer enquiries and in the number of residential property transactions and mortgages approved for home purchases. It seems the tide is turning at the beginning of the year.

External factors

Economic developments will continue to dictate the housing market in 2020. The budget announcement on 11 March will certainly have an impact, as will the coronavirus outbreak, but how far-reaching the impact of these factors will remain to be seen. Economic growth is still expected to grow modestly, with house prices continuing to remain stable throughout the year.

Property’s importance in wealth building

The latest data from the Office for National Statistics’ Wealth and Assets Survey reported that household net wealth (less debts) accounted for almost £14.6 trillion from April 2016 to March 2018 – about 6.8 times the value of the UK’s economic output in 2018.

Net property wealth was actually responsible for the second largest portion of that figure, behind private pension wealth, bringing in £5.1 trillion in the survey timeframe. Property wealth, in the case of the survey, also included second homes, buy-to-lets, and land.

12% of households held more than one property, with buy-to-let being the most common additional asset.

Interesting dynamics were also revealed by the survey. The wealthiest 10% of households held nearly half of the total household wealth, while the lower 50% of households held less than 10% of total wealth, inclusive of property and private pension, and other wealth.

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.

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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