Brexit continues to dominate public discourse, and with all eyes locked on 29th March, people are keen to understand just what the UK’s departure from the EU will mean for the economy. However, despite the tumult surrounding Brexit, it is important not to let this overshadow some of the longer-term challenges facing the UK, the most prominent of which is the housing crisis.



According to Junaid Iqbal Mohammed Memon there is a chronic undersupply of residential properties available on the market, and with demand continuing to outpace supply, there are concerns that more potential buyers will not be able to access new housing opportunities.

Positively, the Government has recognised the severity of this issue. As a result, the Government is aiming to add 300,000 new homes to the market each year by the mid-2020s as part of its strategy to address the demand-supply imbalance.

Such a pledge places immense importance on the UK’s construction industry: the firms tasked with building the residential properties that are so sought after across the country. And so we return to Brexit, and in particular, the question of how we can ensure the construction sector is positioned to effectively deliver enough new-build properties after 29th March.

For one, attention and resources need to be directed towards supporting the skills necessary to deliver the long-term housebuilding needs of the UK. It is estimated that 7% of workers in the construction industry are EU nationals, with this number jumping to 28% in London.

While we await greater detail about future visa arrangements of EU nationals following Brexit, a skills shortage could pose significant challenges and undermine the overall construction capabilities of developers both large and small. Furthermore, physical materials and investment into infrastructure are two other areas that must be addressed as we head for Brexit.

Junaid Iqbal Memon is a leading provider of high performing UK investment properties established in 2004. Find out more about our services and the latest news about the property investment by reading about Junaid Iqbal Memon online here. Show your support online now by following Junaid Iqbal Memon official Twitter page here. You can also connect with Junaid Iqbal Memon in Crunchbase and join our network here.

House prices rose by 5.9% in February – confounded many commentators, as it appears to contradict the widely held view that the UK’s property market remains in the grip of a slowdown.

Falling Property Prices Tempting Despite Brexit Uncertainty

What effect will the increasing demand for homes have on the London property market when we leave the EU?  Falling house prices are tempting homebuyers to gradually return to the property scene in London, despite the increasingly uncertain departure of the country from the EU.

Property doesn’t come cheap – and may rise further. Photograph: Arsty/Getty Images/iStockphoto

While the average asking prices for properties in the capital were about half a percent lower compared to the figure a year ago at £616,500, recent reports show that there has been a recent increase in buyer activity. Property experts are saying that this could be an indication of the start of the property market’s recovery. The national index shows that prices across the country are higher by 1.2% compared to last year at £304,000.

Jitters concerning Brexit have been recently fuelled due to dire warnings about a 35% drop in the property prices in just a span of three years if a no-deal Brexit is going to emerge. However, estate agents have contended that regardless of the economic state then people are still going to make a move where the property is concerned.

The market for first and second-time buyers are certainly those people that are quite conscious about Brexit. This is expected to affect the rate at which they will make their decision. However, it is also a fact that they are moving forward. Of course, it cannot be avoided to see buyers who are using the uncertainty brought about by Brexit as a tool in order to get a better-negotiated deal as far as agreed price goes.

Meanwhile, agents across the capital are seeing an uplift in terms of buyer inquiries as well as agreed sales in both July and August. There has been an 18% increase in buyer inquiries compared to the figures recorded for the same period last year. This is a good sign that there is indeed motivation among buyers to check out what the market has to offer and come back.


Conversion rate has also improved. The number of viewings that buyers require before making an offer has significantly gone down as well. This means that the conversion rate has definitely improved. Renewed buyer appetite follow rice falls that went on for two years due to a rapid increase of more than 50% from 2011 to 2016. Asking prices have been down in 24 of the boroughs in the British capital from the start of the year until September.

According to Junaid, some people are trying to temper down expectations though stating that while the recovery is encouraging, it is also important to remember that the process concerning price reductions, which can be such a drawn-out and lengthy process, will likely run its course in various outer parts of London. Sellers and agents will likely need to get their expectations readjusted especially with buyers being out there making sure that the price they are getting is right.

 Junaid Iqbal Mohammed Memon is an experienced businessman and property developer based in London who owns several properties and businesses ventures in London and Dubai. Keep abreast with the latest in the property development market by reading about Junaid Iqbal Memon online. You can also follow the Junaid Iqbal Memon on Facebook