Confidence in the property market remains strong post-Brexit
First-time buyers are still feeling confident after Brexit and believe the vote may enable them to get their first home cheaper.
That is the findings from a new survey by OnePoll, commissioned by comparethemarket.com, who asked 1,000 Brits currently involved in buying and/or selling a property, how they feel about the property market post-Brexit.
Despite economic uncertainty and the fall in the value of sterling, the survey revealed that 70% are still looking to buy after the EU referendum, more than 50% of Brits are still confident in the property market post-Brexit and almost a third expect property prices to fall over the next 12 months.
Nearly 30% of buyers expect to put in lower offers for property, and over 20% of first-time buyers think it will be easier to get a mortgage for their first home now. 34% of young homeowners aged 25-34 feel optimistic about their position on the property ladder and think prices will fall over the next 12 months.
The post-Brexit optimism is particularly evident in the youngest buyers, with 43% of 18-24-year-old home buyers happy to offer lower than the asking price to get a better deal. Overall, men feel most confident in being able to strike a bargain, with 35% planning to negotiate on the asking price.
The buoyant mood is not confined to the young. Around 60% of people aged over 55 are confident in the UK property market, pointing to them not being deterred by Brexit to downsize or move to their dream home.
However, it is not just buyers who are confident. Sellers are just as determined to make sure they are getting the best deal too, with 63% saying they will refuse to budge from the asking price by 10%.
Out of all buyers aged 35 or over, at least 50% of each segment think that the Brexit vote will not have any impact on house prices up until now.