Homeowners reluctant to sell following Brexit!

publication date: Jun 30, 2016
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Homeowners reluctant to sell following Brexit

Research conducted by Opinium on behalf of the home improvement marketplace Pletific.com surveyed 1,063 homeowners around the United Kingdom to assess their feelings about whether to sell or upgrade their home following the decision to leave the European Union.

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In the current post-brexit market 10% of homeowners said they are now more likely to carry out home improvements than sell their house. This 'wait and see' mentality as we exit the European Union is likely to continue, according to the report, at least in the near future, with 12% of homeowners stating they are now less likely to sell over the next three years:-

  • A quarter of homeowners aged 18-34 are now less likely to sell and would prefer to do home improvements following the referendum result.

  • 23% of young homeowners are now more likely to stay in their existing home for the next three years.

It is worth noting that younger voters were, by and large, in favour of remaining in the EU, the same can also be said of voters in the vast majority of London Boroughs.

Homeowners, developers and landlords based in the Capital have, in recent years, benefited from a reasonably healthy housing market however Brexit could put an abrupt stop to this.

Plentific's research shows in the table below that in the wake of the decision to leave the EU:-

Selected Locations

Less likely to sell property

More likely to carry out home improvements

Birmingham

10%

14%

Brighton

18%

4%

Bristol

26%

21%

Cardiff

12%

5%

Edinburgh

11%

11%

Leeds

7%

7%

Liverpool

14%

6%

Greater London

18%

23%

Manchester

11%

6%

Newcastle

15%

6%

Norwich

7%

12%

Nottingham

14%

5%

Plymouth

17%

2%

Sheffield

5%

3%

Southampton

6%

4%

UK AVERAGE

12%

10%

Table summary:-
Bristol was the main area where people said they were now less likely to move with 26% saying they’d stay put and 21% saying they would be more likely now to carry out home improvements.

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The most likely to still move house were those in Sheffield and Southampton with only 5-6% saying they were less likely to move.

Those most likely to carry out home improvements now are those in Greater London with 23% while those in Plymouth and Sheffield are still least likely to do so.


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