London’s housing market is expected to experience a slight “pull-back” as house prices across the UK stagnate, according to Britain’s surveyors that the number of house sales will fall to around 1.15 million, a drop of 5% compared with 2018 and sharply below the 1.7 million that changed hands in 2006, the year before the financial crisis. Prices are also expected to flatline nationally, as London and the south-east experience a slight drop and Northern Ireland, the north-west, Scotland and Wales maintain “solid momentum”.

While Brexit uncertainty is a significant factor, the key issue was that the ceiling for affordability has been reached in much of the south.

Sellers in inner London and the capital’s most central boroughs seem most hesitant, with a 24% drop in new listings compared to a 16% decrease in outer London. This is likely due to the fact that a large contingent of affluent homeowners in the capital’s most expensive enclaves do not need to move house and are waiting for a recovery in prices before selling.

Junaid Iqbal Memon is a seasoned property developer with several properties and businesses in Dubai and London. Keep yourself updated with the latest developments and news in the property development and real estate market by reading about Junaid Iqbal Memon online here. Show your support online by following the Junaid Iqbal Memon on Twitter here. Join our professional network by connecting with the official Junaid Iqbal Memon Linkedin page here.

Housebuilding declined sharply in London and the Midlands last year as political and economic uncertainty around the shape of Brexit hit the housing market, according to industry figures.

The NHBC is the main warranty provider for new homes and covers 80% of the UK market. Developers register new homes a few weeks before starting construction. The official housebuilding data for 2018 will be released in March.

Across the UK, housebuilders registered 159,617 new homes in 2018 , down 0.5% from 160,396 in 2017. The private sector is down 1% (117,497 registrations) while the affordable sector – homes registered by housing associations – was stable at 42,120 new homes in 2018.

There were big regional variations. Half the UK regions showed growth – Yorkshire & Humberside up 20%, the north-west up 7%, Northern Ireland up 39%, albeit from a small base, the south-east up 3% and eastern England up 2%.

Other surveys and government data have painted a similar picture of a slowing UK housing market in London and parts of the south-east, but still growing in northern England and the Midlands.

Junaid Iqbal Memon is a real estate and property developer who owns and manages a number of properties and businesses in Dubai, the UK, and India. Read about the Junaid Iqbal Memon profile page here. Like the official Junaid Iqbal Memon Facebook page here and keep up to date with our latest posts.  Follow the Junaid Iqbal Memon on his official Twitter page and show your support online!