The research also found that over 31% of local participants were convinced that the recently lowered interest rates have potentially boosted confidence and that this would mean more people will take up projects.
More than 20% of the respondents currently have a project in progress and 77.4% stated that improving their home was too important and the project would be completed despite the ups and downs of Brexit.
Over 66% of those questioned said that they felt positive about current or future housebuilding projects and more than 52% said that they have confidence in the housing market to remain stable post Brexit.
Michael Holmes, spokesperson for The Homebuilding & Renovating Shows says: “We initially predicted that the referendum would create a temporary lack of confidence and a slight pause while people sought more visibility on the direction of the economy and the housing market. In addition, we knew that with the devaluing of the pound post-Brexit, imported materials were going to cost more which could potentially drive up construction costs. However, the research is more positive than we anticipated and demonstrates that those with a project already underway, or very close to starting, have decided to carry on with their plans regardless.
My advice for those that see their home as somewhere to live and a long term project is to carry on as normal. Fluctuations in costs are a secondary consideration, so having the right home should come first and foremost over any short-term gain. Even at our latest exhibition in September The London Homebuilding & Renovating Show, there was an extremely optimistic feeling with attendance from over 21,614 visitors throughout the event – representing an 11% year-on-year increase.”
