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.
News from the UK Property Market
Annual price growth has remained steady throughout the month of September. The latest figures from Nationwide indicate a slight increase – just 0.3% from August, but the silver lining is that annual UK prices are still hovering at 2%.
Average house prices last month were also marginally up compared to August, with prices coming in at approximately £214,922. It’s a very minimal uptick from the previous month, where the average property price was £214,475.
As mentioned, with property price increases sitting at 2%, growth is still on par with Nationwide’s forecast for the market this year, as the average figures are hovering just over the 2% threshold, staying consistently between 2% and 4%. These numbers further the one-year long trend of staying between the 2-3% range.
Now that we’re approaching the end of the year, it will be interesting to see how the market performs. Experts in the property market are secure in their forecast of 1% growth for the remainder of the year, but as per usual, the global economy will undoubtedly affect the performance of the market.
Q3 performance snapshot
As is usually the case, house price growth varied greatly by region in the third quarter, even though on the whole, performance remained steady.
Quarterly average house prices in the UK were £216,103, with the annual percentage change and quarterly change at 2.1% and 0.7%, respectively. London remains the most expensive region while the North boasts the title of the least expensive, while simultaneously experiencing the weakest annual price growth. Yorkshire and Humberside experienced the strongest annual price change, becoming the top performing region again after a 13-year gap since it last held the top spot.
Region by region
Price growth in Northern England has surpassed that of the South for the sixth quarter in a row, up 4.1% year on year. The overwhelmingly successful performance of Yorkshire and Humberside made up for other poorly performing regions on the North. On the other side of the country, London and the Outer Metropolitan areas saw prices fall again with growth reducing to 0.3% year on year (YOY).
Despite the drop being just -0.7%, London’s prices fell again for the fifth quarter in a row. This brings prices to around 3% below 2017’s Q1 all-time high and more than double their 2007 levels. Prices in the area surrounding the capital also saw a small decrease of 0.3% last quarter when you compare year-on-year.
With prices down 1.7% YOY, the North was the weakest performing region while Yorkshire and Humberside, with prices up an impressive 5.8% YOY, was not only the strongest performing region in England but also the entirety of the UK. Not to be outdone by too much, the East Midlands reported consistent growth of 4.8% YOY.
Turning an eye to other nations, Northern Ireland performed the best, with annual price growth increasing to 4.3%. While Wales produced a reliable 3.3% growth, this represents a slight slowdown for the country. Similarly, Scotland is also experiencing slow growth, dropping an entire percentage to 2.1% last quarter. Bringing up the rear yet again was England, with prices up just 1.4% YOY.
Keep checking back at the start of the month for our regular update on the nation’s property prices. And if you’re planning to buy or sell property this year, be sure to contact an advisor for personalised advice.
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.