As the UK’s Prime Minister campaigns to secure a stronger Brexit mandate with a snap election, the country’s younger home-buyers remain worried over just what impact the UK leaving the European Union will have on the economy. And, such are many of their concerns, that they’ve chosen to put off making that most significant of purchases – a home.
According to a survey recently conducted by OnePoll for property management firm Cluttons, 63% of 18-24 year olds told surveyors they have reconsidered plans to buy a home due to worries over how the UK’s economy might be affected by Brexit.
However, older survey respondents were less concerned with the upcoming negotiations as 82% of those aged 55 or over said the Brexit vote and future of the UK economy hasn’t affected their home-buying plans, at all.
The difference in attitudes over Brexit and the property market aren’t just confined to age. The survey also found that Oxford was the region where the most people were worried about the impact of Brexit on the property market. 80% of respondents from that are reconsidering property purchase plans. Views in Oxford were closely mirrored in York and Norwich.
In contrast, south east England was the region where Brexit concerns had the least impact – some 78% of respondents there said they were planning to continue with their property purchases. Other areas where it was more a case of business than usual were:
- The Midlands.
- South west England.
However, while younger people and those in some regions are holding back on property purchasing plans due to Brexit-related uncertainty, much positivity remains. Some 35% of all survey respondents said they intend to move home or upgrade their current home, regardless of Brexit negotiations. And, of those who are planning on moving home, 72% of them said Brexit had no impact at all on their intentions to move or buy a home.
Lower Property Prices Welcomed by Some
While some Britons remain worried and/or uncertain over what Brexit, the negotiations and the eventual deal will mean for the economy and the property market, there are some individuals who welcome it.
The Cluttons survey showed that 29% of respondents planned to take advantage of expected falls in UK property prices. And, 5% said they wouldn’t buy a home until after the Brexit deal was done.
“Brexit has undoubtedly fuelled economic anxiety across the country,” said Faisal Durrani, head of research at Cluttons. “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.”
With little reliable detail on what the future holds for the UK after Brexit, what is clear is that much uncertainty remains and is likely here to stay for the foreseeable future, regardless of what the Prime Minster wants and the Government is planning.