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Property Price Update – September 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

Cooler weather is just around the corner with Autumn approaching, and annual house price growth seems to be mirroring the climate.

August’s annual house price growth remained subdued at 0.6%, just slightly up from last month’s 0.3%. 

Month on month there’s has been no change, though, disrupting the prior few month’s modest increases. While price growth hasn’t been remarkable, it has been stable, however, the property market remains as unpredictable as ever.

August marks the ninth month in a row that annual house price growth has been less than 1%.

What about average house prices?

Unfortunately, average house prices have taken a downturn after enjoying increases in the past few months. The average house price in August was £216,096, a slight decline from July’s £217,663 contributing to the up and down performance over the year. It seems after experiencing a few months of growth, prices will fall for another few months only to rise back up again — a trend very familiar in the market as of late.

Indicators of housing market activity such as the number of property transactions and mortgages approved have stayed constant over the last few months.

New buyer enquires have actually increased slightly but the same cannot be said for consumer confidence. Despite the number of property transactions decreasing, the number of mortgages being approved remains stable.

Looking ahead, the housing market will largely reflect the broader economy — a shakeup no doubt in store once the full effect of Brexit comes into play but for the moment, a healthy labour market and low borrowing costs are driving the stability of the activity.

Paying the price for convenient transport links

It should come as no surprise that homebuyers don’t think twice about paying a premium for the proximity to convenient transport links. After accounting for property characteristics like property type, bedrooms, and neighbourhood type, living close to a tube, tram or railway station greatly impacted property prices in major UK cities like Manchester, Glasgow, and in particular, London.

In fact, the closer the link, the more buyers in the capital are willing to pay which makes sense since in the metropolis, public transport is the quickest, most-efficient way to travel.

London: In London, to live within 500m of a station, buyers will shell out an extra 9.4% (approximately £42,900 based on the price of an average home) and 4.1% (about £18,800) to be within a kilometre of a station.

Manchester: In Manchester, the price for being within 500m will set you back an additional 7.8% (about £12,600 based on average prices in the region) and 3.3% (approximately £5,300 extra) to be within a kilometre.

Glasgow: As for Glasgow, to be near rail links you’ll only pay an extra 3.8% to be within 500m (about £5,700) and 1.7% to be within a kilometre (approximately £2,500).

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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