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.
UK Property Market Update
Last month, annual house prices declined yet again, down 3.1% year-on-year, the biggest annual decline since July 2009. March marks the seventh consecutive monthly price fall, down .8% from February and a whopping 4.6% decline from the peak last August. The average house price dropped slightly from £257,406 in February to £257,122 in March.
After the Autumn mini-budget sent the market into a tailspin, it has since stabilised with activity remaining subdued, including the number of mortgages approved for home purchases, dropping nearly 40% below the average from last year. Experts predict that it will be difficult for the market to regain its previous momentum any time soon because consumer confidence levels remain low thanks to inflation and the overall cost of living crisis. Mortgage rates will need to return to more moderate levels as household budgets are already restrained, making many homes out of reach.
Growth across the regions
During the first quarter of the year, all regions in the country experienced a slowdown in annual house price growth, with a majority of the regions reporting declines in the first three months of the year.
With prices down 3.1% year-on-year, Scotland remained the weakest performing region in the nation. East Anglia did a bit of an about-face, going from the strongest performing region last quarter to the weakest in England as prices fell 1.8% year-on-year. The Outer South East prices declined 1.5% from last year and London saw a 1.4% fall.
The title for the strongest performing region in the first quarter goes to the West Midlands, with prices up 1.4%. House prices in Northern England as a whole remained flat compared to last year while southern England’s prices fell 1.1%.
Despite annual house price growth slowing down, Northern Ireland prices were still up 1.4% compared to last year. And Wales experienced a significant drop as prices fell from 4.5% to -.7%.
Stay in the know
If you’re planning to buy or sell property this year, check back monthly for our regular update on the nation’s property prices and contact one of our advisers for personalised advice.
Figures quoted from Nationwide House Price index – March 2023.
Mortgages for Doctors and Dentists
If you’re planning to buy or sell property this year, contact an advisor for personalised mortgage advice.
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