An interesting new report has uncovered that Brexit is still having an impact upon property owners.
The survey of 2,000 people, conducted by home services marketplace Plentific.com, discovered that the result of the vote is likely to affect moving home for around one in five homeowners.
Uncertainty
22% of UK homeowners suggest that Brexit is affecting the likelihood of them moving home in the short term. 10% said that they were more likely to move home, with 12% likely to stay at home.
In London, 26% of owners said they were more likely to sell up because of the result, with 11% saying they were less likely. The average price of a property in the capital is presently £484,716, according to the Office for National Statistics data from July 2016.
However, with more people likely to sell up, this could leave opportunities for buyers and investors, with prices possibly falling in the more saturated market.
Brexit is impacting on one in five homeowners
Improvements
Further data from the investigation found that three months on since the Brexit vote, there has been a 50% increase in homeowners who are more likely to make improvements to their homes. In the North West, 21% of property owners are likely to improve their dwelling, with 19% of people in the North East saying the same.
Cem Savas, Co-Founder of Plentific.com noted: ‘we know Brexit would have massive consequences for the UK housing market and our research shows that the public are still unsure of our future. Despite the fear-mongering and confusion which has surrounded the topic, Plentific’s statistics show that homeowners are now relaxed about the idea of spending money on their property. Interestingly, our research highlights the current nervous property market in London, with a quarter of Londoners ready to cash in and sell up.’[1]
[1] http://www.propertyreporter.co.uk/property/brexit-continues-to-impact-homeowners.html