A month on from the historic Brexit vote, new research has found that over a quarter of home owners have put home improvements on hold this summer due to the market uncertainty after the EU referendum to vote out.
With political parties in turmoil and a general uncertainty of what will happen now that the UK has voted to leave the European Union, it seems that many are holding back on big expenditures until the situation has stabilised.
The study, commissioned by kitchen worktop specialist’s www.mayfairgranite.co.uk, surveyed 1,009 UK home owners over the age of 18, aiming to find out what the British public’s views were regarding home improvements after the Brexit vote. Surprisingly, they found that 29% of those polled were holding off from doing any home improvements this summer due to housing market uncertainty, the lower pound pushing prices up and job insecurities.
The survey asked participants: “Has the recent Brexit vote and market uncertainty made you less likely to do any home improvements this summer?”
29% stated that they had put off home improvements for the time being. However, of the 71% that said the Brexit vote hadn’t put them off, a large majority of people said that they would only consider carrying out emergency home improvements or small DIY jobs instead of big expenditure projects.
Participants who answered yes to the first question were also asked, “Why are you holding off on doing any home improvements?” and could choose from multiple answers. The results are below:
1. Lower pound causing prices to go up – 34%
2. Job insecurity – 21%
3. Waiting for the markets to stabilise -18%
4. Housing market uncertainty – 17%
5. Thinking of relocating outside of the UK – 10%
The lower pound and higher prices were at the top of many people’s worries when committing to home improvements with 34% of the vote, while many were concerned about the housing market and markets in general after the referendum vote. Surprisingly, 10% of those polled stated that they were thinking of relocating outside of the UK. Other reasons mentioned were a lack of money, would only consider emergency projects, and spending money elsewhere instead of the house.
Neil Beard from Mayfair Granite commented on the survey results, saying: “This survey shows that the Brexit vote has affected all parts of society, with many wondering what this decision means for the future of the housing market, money markets and job markets. It’s interesting to see that 10% of those polled were thinking of relocating outside of the UK; whether this is a knee jerk response to the vote or not, it just shows the uncertainty that we are all experiencing right now.”
Adding: “On June 23rd, the British people made the momentous and unprecedented decision to leave the EU. The KBB (Kitchen, Bedroom and Bathroom) industry as a whole was shocked by the outcome, however it is now up to manufacturers and brands like ourselves to maintain their competitive prices and to reassure the British people that its business as usual.”