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?
Annual house price growth rebounded slightly last month, increasing to 6.9%, up from 6.4% in January. The average house price in February was £231,068, up 0.7% from the previous month’s £229,748.
The bounce back is welcome news. Previously, experts were concerned that the nearing stamp duty land tax holiday deadline would cause growth to slow down even more. Luckily that hasn’t been the case as yet. It’s possible that the deadline wasn’t as much of a deterrent as experts thought and the stamp duty holiday is still encouraging activity, which is good because inventory is decidedly lacking at the moment.
Another factor for increased activity could be the shift in buyer preferences. Despite an uncertain economic future, the pandemic has changed the way people want to live. The need for outdoor space, more spacious living, and properties in less densely populated areas has prompted many people to seek out greener pastures.
Looking ahead
Despite the generally upward trend for house price growth, the outlook for the housing market is still uncertain.
The Budget announcement gave some good news with an extension to the stamp duty holiday for properties up to £500,000 being extended to the end of June. This might spur on even more activity.
Unfortunately, labour market conditions aren’t expected to improve over the next few months, so it’s also possible we could be facing a market slowdown instead. Only time will tell.
Stay in the know
There’s never been a more important time to keep an eye on the market and the changes from month to month, so be sure to check back monthly for all the updates on the UK property market.
Figures quoted from Nationwide House Price index February 2021.
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.