Older property purchasers more deterred by Brexit threat

A new survey has revealed that uncertainty surrounding Brexit is impacting more on young home buyers than older ones.

An investigation commissioned by property consultants Cluttons found that 63% of 18-24 year olds has reconsidered buying a home after becoming disillusioned with the economic outlook.

However, the OnePoll survey found that older people were not as deterred, with 82.07% of those aged 55+ saying that Brexit has not impacted on them at all.

Regional Uncertainty

By location, people in Oxford were found to be the most concerned of the impact of a weaker post-Brexit economy, with 80% of people here saying they were reconsidering a property purchase. This is well above the national average of 53.7%.

Those in Yorkshire and Norwich were also found to be wary about purchasing in the midst of Brexit uncertainty. 72.7% and 72.2% respectively in these regions said that they were considering moving house.

Overall, 35% of those asked said they were looking to either move or upgrade their property. 72% of people said that Brexit did not impact on their intention to purchase.

78% of those in the South East said they had not been deterred by purchasing property as a result of Brexit, followed by 77% in the Midlands, 75% in Scotland and 73% in Wales.

Chance

The poll also revealed that 29% of the total UK residents surveyed agreed that they found the Brexit decision was a chance to capitalise on an ailing market.

Faisal Durrani, head of research at Cluttons, said: ‘Brexit has undoubtedly fuelled economic anxiety across the country. That said, it is encouraging to note that despite heated discussions in the wake of the Brexit referendum results, it’s clear that home buyers have not been deterred by political events in Westminster.’[1]

[1] http://www.propertywire.com/news/uk/brexit-affected-younger-buyers-uk-majority-not-deterred/