Property News

Brexit failing to deter UK buyers and sellers

Em Morley - June 22, 2017

It is now almost a year since the UK took the decision to leave the European Union, but new research suggests that buyers and sellers are being undeterred.

Fresh research from independent estate agent, haart has indicated that the majority of property owners in Britain feel that Brexit would not make any difference to their decision to buy or sell a home.

Unmoved

According to the survey of more than 2,000 homeowners, only 4% said that they had put off moving due to concerns surrounding Brexit.

Another 4% said that the vote to leave the EU had impacted on their decision originally, but not anymore.

These statistics have been revealed after the most recent ONS House Price Index showed that UK house prices have risen by £12,000 on average since the vote to leave the EU.

In addition, the amount that home buyers have borrowed is up by 19% year-on-year, as the predicted housing crash following the vote failed to occur.

What’s more, haart’s data reveals that of those who said they had been put off selling a property, 43% said that they couldn’t afford to move. 33% said they were put off by the hassle of moving, with only 7% saying they were concerned about the future of house prices.

Brexit failing to deter UK buyers and sellers

Brexit failing to deter UK buyers and sellers

Sound

Paul Smith, CEO of haart estate agents, noted: ‘Nearly a year on from the UK’s vote to leave the EU, the UK property market remains sound. House prices are up 5.6% on the year, a world away from the 10-18% drop that the former Chancellor was plugging to middle Britain, and clearly consumer sentiment is that the ongoing negotiations are not acting as a detriment to the market.’[1]

‘Our findings underline the faith that the average British homeowner has in the UK property market to remain resilient, even amidst times of political uncertainty. On the ground we are seeing just as many people as ever looking to get onto the property ladder. Last month data collated from across our branches found that there are 11 buyers chasing every property on the market, and there are simply not enough homes to meet this strong demand,’ he continued.[1]

Concluding, Mr Smith observed: ‘EU or no-EU the need for Brits to buy a sell a home is still there – and while the Government will be dedicated to securing a good Brexit deal, we must not lose sight of ongoing pressing challenges here at home. A severe lack of stock continues to hold back fluidity within the market, and saving up for both stamp duty and a deposit acts as too big a barrier for thousands of aspiring home owners. Instead of Brexit scaremongering, we need to look at deeper into creating housing solutions that will help buyers get the homes they desperately want.’[1]

[1] http://www.propertyreporter.co.uk/property/brexit-fears-fail-to-deter-buyers-and-sellers-according-to-new-survey.html