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Property Price Update – November 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 new in the UK Property Market

No surprises in store this month

If you keep an eye on the market movement each month then you won’t be surprised to learn that again there is little change in this month’s figures. It seems the market is remaining stable as we edge closer to the end of the year.

Annual house price growth remained subdued at 0.4% for October, a slight increase from September’s 0.2%.

When comparing annual changes in property prices, a significant slowing has occurred. The average price rose by around £800 over the course of the last 12 months, whereas looking at the same period to October 2016, prices increased by around £9,100.

Is Brexit the cause of caution?

We know that the UK economy has been quite volatile recently, but the underlying pace of growth appears to have slowed, potentially as a result of weaker global growth, and in part due to uncertainty surrounding Brexit.

We can’t blame everything on Brexit as the market is unlikely to drastically increase once the country has a definitive answer for the future, but we can possibly expect some increase in the market – likely a gradual incline rather than a boom.

It’s now the eleventh month in a row in which the annual price growth has been below 1%.

October’s average house prices stayed roughly the same this month, with a slight increase to £215,368 compared to September’s £215,352.

Mortgage rates are still hovering near the all-time low records

Low rates have led to more than 95% of borrowers opting for fixed rate deals and around half taking on a fixed rate for five years.

If you are looking at rates now, then it’s possibly a good idea to lock in a fixed rate mortgage deal while the rates are low, as they could very well increase over the next year or so. There also lies a bit of uncertainly in employment figures and if the rate of employment will drop after Brexit.

If the Brexit pressures on the market lift in the coming months then there may be some increase in mortgage rates within the next few years as investors will start to consider the potential for UK rate increases. However, in the near future such rate increases are expected to be capped by general trends in the global financial markets.

Speak to the experts

If you are looking to buy or sell property then it’s a good idea to monitor the future movement on the market. The current stability may be something you want to take advantage of, and although the future is uncertain for the economy, speaking to one our advisers could help you take the right direction for your personal circumstances.

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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