Homeowners less likely to sell property following Brexit victory
The Plentific research, carried out by the leading insight agency Opinium, surveyed 1,063 homeowners across the UK to gauge their feelings following the decision to exit the European Union.
The statistics highlight that 10% of homeowners are now more likely to improve their home than sell it in the current market. This ‘wait-and-see’ approach following Brexit may continue into the near future as the survey also revealed that 12% of homeowners (around 1.7m) are now less likely to sell in the next three years.
25% of young homeowners (18-34) said they would now rather carry out home improvements than sell their home, with 23% saying they are now less likely to sell over the next 3 years. Referendum voting statistics showed that a large majority of young voters wanted to Remain in the EU, with a similar trend present amongst London voters.
London property developers, homeowners and landlords have been benefitting from the property boom and buoyant housing market in recent years, but that time could be coming to an end. Plentific’s survey showed that, following the Brexit result, homeowners in London are now the least likely in the UK to move: 18% confirmed that they are less likely to sell in the next three years; 50% higher than the national average of 12%.
Cem Savas, co-founder of Plentific, says: “Last week’s result sent shockwaves through the UK, Europe and beyond. The value of shares for companies within the property market have already plummeted and Foxton’s have also issued a profit warning which highlights what Brexit could mean to the UK property market. The Plentific research shows a level of uncertainty for homeowners which will impact buying and selling confidence, plus continue to drive the huge demand with home improvements.”
Find out more about the effects of Brexit on the property market