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Property Price Update – May 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

Once again, annual house price growth increased last month, continuing the upward trend the market has enjoyed for the past seven months.

April’s annual house price growth inched up to 3.7%, up 0.7% from 3.0% since last month, the strongest growth since February 2017. The average house price in April was £222,915, an increase from March’s £219,583.

It’s important to note that much of the data that goes into reporting was taken before the full effects of the coronavirus pandemic could be felt. There’s a delay in mortgage application submission and approval, so the majority of the data used for this month’s figures was collected prior to the lockdown.

Before the pandemic, 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.

Surely next month we’ll see the full effect of the measures instituted to curb the spread of COVID-19. But as the government has imposed restrictions and advised against undertaking any new housing transactions during the lockdown, it will make predicting house price trends quite difficult.

Looking ahead

The housing market is dependent on the wider economy, so what the medium-term future will look like is anyone’s guess. While the government-mandated lockdown is meant to help prevent the spread of the virus, the unfortunate consequence is a subdued economy.

The government has responded with policies meant to support recovery, including those that protect businesses and jobs, to safeguard the public’s incomes and to keep borrowing costs down. Hopefully, with these measures in place, the economic effects will be lessened and recovery will be swift.

Stay informed

Check back monthly for our regular update on the nation’s property prices.

Figures quoted from Nationwide House Price index April 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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