COOKIE POLICY | PRIVACY POLICY | DISCLAIMER



Tel: 01403 780 770

Building and protecting your wealth

Property Price Update – October 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

Is the wet and windy weather a reflection of the market?

It’s getting wetter and colder as the wind starts to sweep us full into autumn, nights are drawing in earlier and the annual house price growth tends to be following suit. However, this year this has not been the case.


Annual house price growth dipped to 0.2% in September, a fall compared to 0.6% in August.


The market is generally expected to see a slight increase in growth through the autumnal season, however September’s growth hasn’t been this low since September 2010.


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


The gradual increase in the market normally kicks off around the same time as children go back to school, but this year has ground to a halt. If uncertainty surrounding the housing market continues then any further growth could be delayed until the new year once the potential shock of Brexit has calmed.


Brexit causing hesitancy in buyers and sellers

Brexit seems to be causing the majority of property owners to cling to their homes for the time being, with uncertainty taking hold of the country since the referendum more than three years ago. A positive point is that the hesitations of the larger majority will give those autumn buyers who keep their nerve a better negotiating opportunity.


The number of sales agreed is down this month when compared to the same period last year, proving that the 5.5% drop is nationally widespread.


Annual price declines persist in London and the South East

The downward fall of house prices continues this month. Taking a further decrease, the average house price in September fell to £215,352. A drop from August being £216,096 carrying on the decline from July’s positive figures.

House price growth across northern England slowed to 1.4%, but remained ahead of that in the south which experienced a 0.8% fall in Q3.

Northern Ireland still continues to be the strongest performing home nation in Q3, though annual price growth dropped to 3.4% from 5.2% in Q2. Wales also saw a slowdown to 2.9%, from 4.2% last quarter. Annual price growth in Scotland remained subdued at 0.8%, though up slightly from 0.4%. England remained the weakest performing home nation, with prices essentially flat compared with a year ago.

London was the weakest performing in Q3 with an annual price decline of 1.7%, closely followed by the surrounding Outer Metropolitan region, with a decline 1.5%. Elsewhere in England, annual price growth remained relatively weak in Q3, with the North West the best performing region, with a 2.5% year-on-year rise.


Keep your eye on the market over the coming months

These trends are not entirely unexpected given the economic circumstances. Healthy labour market conditions and low borrowing costs appear to be offsetting the strain from the uncertain economic outlook but for those looking to buy or sell property, it’s important to keep abreast of the growth market over the next few months.


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.


Follow us on for regular financial and mortgage updates

Twitter                     LinkedIn

If you found this article interesting, why not share it


Meet the Advisers

With over 20 years experience our advisors can help you meet your business and personal goals.


Who we Help

All our clients are doctors and dentists, just like you. As specialists we know your industry inside out.


Info & News

Make this the place you visit to keep up to speed with financial news for your sector.


Contact Us

Wherever you are in the UK we can help you build and protect your wealth.

Get Connected

to our specialist team

Tel: 01403 780 770
Email: info@dentalandmedical.com

Keep Updated

Simply register your name and email below and receive our updates direct to your inbox

Dental & Medical Financial Services News Updates

Just for doctors and dentists

Read more news

COOKIE POLICY | PRIVACY POLICY | DISCLAIMER


Dental and Medical Financial Services is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority. Company registered in England no. 9158580 Registered office: 1 Market Square, Horsham, West Sussex, RH12 1EU

© 2014 Dental & medical Financial Services. All rights reserved. Website design by Goldmine Media.