Brexit is not affecting Britons’ decision to buy and sell, according to new research
PUBLISHED: 10:46 13 September 2017 | UPDATED: 10:46 13 September 2017
When the country voted to leave the European Union, many feared the fallout from Brexit would have a negative effect on the consumer market, including property purchases.
Yet, according to a recent study, the countries impending exit from Europe appears to have had little impact on British considerations when it comes to buying or selling property in the UK.
The research, by Opinium, revealed that 71 per cent of prospective movers surveyed on behalf of Mortgage Advice Bureau said the UK’s exit from the EU in 2019 is not an issue that would affect their decision to move.
In fact, 65 per cent of people named their main motivation for finding a new home as either family or employment opportunities instead.
Kevin Shaw, national sales director at property specialist Leaders, says: “Moving home is often a decision based on emotion, with people choosing to follow their heart and secure the best possible home for themselves and their family. Wider economic and political issues tend not to weigh too heavily on people’s minds.
“That’s why Brexit has proven to have only a minimal impact on the property market, with house prices continuing to rise and transaction levels faring well. Millions of Brits have ambitions to climb the property ladder and this will not change.”
This view is partly endorsed by Simon Deen, director of new homes and estate agent at north London agents, Aston Chase who said: “I think Brexit in itself is not a huge challenge for the property market.”
Yet, Deen also added: “I do think the general political uncertainty, of which Brexit is a part, does sharpen people’s radars when it comes to moving home. But stamp duty is by far the issue that is clogging up the market and stopping people from downsizing, which makes it harder for people trying to move up the ladder.”
However, local estate agents appear to have differing opinions when it comes to the effect of Brexit.
James Morton, director at Benham & Reeves, told us: “Brexit has stopped people from putting their properties on the market to begin with, and it stopped people from looking because those working in the financial services don’t know if they are going to be relocated, and what effect Brexit will have on their business. This means they are very unlikely to want to commit to selling or buying and as a result, the supply and the demand has been hit.”
Yet, despite a tough six months following the EU referendum, Morton has seen an improvement this September, in terms of turnover.
“The last six months seem to have been hardest hit by the Brexit vote, but this month we have seen a 25 per cent increase in turnover compared to that time, so in that respect there has been an uptake more recently. It feels like we are going to have a busy autumn,” Morton added.