More than two-thirds (67 per cent) of UK home owners who are looking to buy or sell in the next six months say that leaving the EU has had no impact on their plans, according to a recent survey from the Legal & General Mortgage Club.
Despite the ongoing uncertainty surrounding the UK’s relationship with the European Union, only 12 per cent said they had delayed their decision to sell because of Brexit, whilst 10 per cent who were intending to sell put their plans on hold.
Homeowners rush to sell
Interestingly, of the 2,000 home owners surveyed, 5 per cent said they would be intending to sell their property quickly, with the intention of purchasing a new home before the Brexit deadline.
Some respondents were even looking to take advantage of a potential fall in house prices, with 3 per cent planning to sell their properties now and wait until after the UK leaves the EU to buy, according to the survey from Legal & General Mortgage Club.
Who has been the most affected?
Younger people were more likely to have changed their plans to buy or sell because of Brexit. According to the survey, 16 per cent of young people who planned to buy said they had delayed their decision due to uncertainty. Meanwhile, only 11 per cent of those aged over 45 said Brexit was having an impact on their plans.
Homeowners in London and the South East were the most likely to reconsider their future plans in the property market, with 34 per cent in the capital saying Brexit had impacted their decisions to buy or sell. This compared to 24 per cent of those in the East of England, where homeowners were least likely to have changed their property plans.
Homeowners are undeterred
Kevin Roberts, director of the Legal & General Mortgage Club commented: ‘We’ve heard plenty of predictions from commentators about the housing market, but these findings clearly show that home owners are largely undeterred by the impact of current political uncertainty. The demand for property is still clearly there. There are so many reasons why people want to move and getting onto the property ladder itself remains a goal for thousands of young people across the UK.”
Roberts also added that the ‘good news’ is that the mortgage market is providing some great support to buyers across the country, mentioning how schemes like Help to Buy and greater choice from lenders have been beneficial. “There will be buyers who are unsure of what steps to take or what support they could get to make their plans a reality. Good advice is paramount, particularly in times of uncertainty when it might not just mean getting the right mortgage, but also having protection in place if times do get tough,” he added.