Home movers are postponing their plans until after the EU referendum on 23rd June, according to new research from removals firm Bishop’s Move.
The company surveyed 1,000 people in the UK, with a number of buyers and vendors in every region saying they will wait until after the poll.
Home Movers Postponing Plans Until After EU Referendum
Those living in London are the most likely to wait until after the referendum result to move house, with 47% saying they will not buy or sell until after 23rd June.
Just 20% of Londoners said the referendum would not make a difference to their plans.
The Sales and Marketing Director at Bishop’s Move, Chris Marshall, says the study “does paint a picture of both the attitude towards the EU referendum amongst London homeowners and also their approach towards the price of property in the capital”.
The latest house price figures show that the average property in the capital is now worth a huge £526,085. It is believed that Londoners will need a 266% pay rise to get onto the property ladder.
In other parts of the UK, between 11-15% of home movers are deferring their plans ahead of the poll.
Marshall explains the results: “It’s actually a very similar situation we found in Scotland during its 2014 independence referendum.”
He continues: “Significant policy decisions can severely impact the UK housing market, and our own research last year also found almost a quarter of those looking to buy and sell a property delayed their move by one to four months in order to wait for the outcome of the general election.
“However, whilst these results point to a slowdown in the build up to June, we fully anticipate business to resume as usual, particularly when the school holidays arrive and everyone wants to get their moves completed during the break.”1
1 http://www.ibtimes.co.uk/eu-referendum-london-property-market-faces-slowdown-ahead-brexit-vote-june-1546881