Despite an escalation in Brexit confusion, property prices rose 3% percent last January, the latest Halifax index showed.

The Halifax said the 5.9% increase seen in February was thought to be the biggest it had ever recorded. It lifted the average property price to £236,800 – up from £223,629 at the end of January. That translates into a £470-a-day increase in value.

The big monthly rise lifted the annual rate of price growth to 2.8%, which the Halifax said was “fairly subdued” compared with 2015-16 when it was more than 8%.

But with other surveys and official data mostly showing housing market, Halifax cautioned against reading too much into the strength of a single month's figures.

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Half of those surveyed said they considered the changing relationship between the UK and Europe to be an opportunity. Some shared the surprise and concern that dominated in the UK; in France, the feeling was largely one of incredulity that the UK was ruining the European dream. For Germany, it was seen as an opportunity to promote Frankfurt as a commercial market, while many Asian buyers and investors saw a decline in sterling as an opportunity.

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.

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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.

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A seasoned property developer with several properties and businesses in Dubai and London Junaid Iqbal Mohammed Memon shares London housing forecast in 2019.

The stagnation of house prices is underpinned by the lack of new properties being listed for sale. In the second-hand market, not enough properties have been listed to replenish those sold. This has been evident in the RICS data throughout 2018, as average stock levels remain near all-time record lows. Furthermore, despite new policy announcements from Government, overall growth in new builds has slowed, falling short of targets and therefore failing to help replenish estate agents’ stock levels.

A consequence of these lower levels of stock is the impact this will have on those contemplating moving home. Respondents to the UK Residential Market Survey have pointed to a sustained decline in the number of new inquiries they are receiving from would-be buyers throughout 2018, resulting in a fall in the number of agreed sales being made. In the near term, it is doubtful that activity levels will improve. In the lettings market, the sustained demand vs supply challenge prevails, which is likely to squeeze rents higher, albeit modestly, over the coming four quarters.

A real estate and property developer and owner of several properties and businesses ventures in London and Dubai and has since been responsible for the completion of several development projects under his name. Junaid Iqbal Mohammed shares the shocking perks of living in the city.