"Nearly a year on from the UK’s vote to leave the EU, the UK property market remains sound"
haart's latest survey has found that the majority of homeowners do not think Brexit would make any difference to their decision to sell their home or buy a new one.
According to the results, where over 2,000 homeowners were questioned on their thoughts about Brexit's effect on housing, less than 4% admitted that they are holding off moving because of fears around the impact of Brexit on the economy and house prices. A further 4% said the vote to leave the EU impacted their decision to buy or sell initially, but Brexit is no longer holding them back.
These statistics come as the latest ONS House Price Index finds that UK’s house prices have still risen on average £12,000 since the vote to leave, and the amount home buyers have borrowed is up by 19% year-on-year, as ‘project fear’s’ predicted Brexit fuelled housing crash failed to materialise.
haart’s survey also revealed that of those who had been put off selling, 43% said they couldn’t afford to move and 33% said the hassle of moving meant they were staying put. Just 7% said they weren’t selling because they were worried about future house prices.
Paul Smith, CEO of haart estate agents, comments: “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.
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.
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.”
