One in six adults have put off plans to move home because of Brexit, research claims.
The data, based on a poll of 2,000 people in the UK by ‘campaign group’ the HomeOwners Alliance and its stakeholder LP Insurance, used the adult population of 51m to extrapolate that 1m have shelved plans due to the EU referendum result.
However, it is important to note that only 1,301 of those polled were actually home owners.
There were other, and more pressing, reasons for reluctance or inability to move, with 26% of households citing 2 rising house prices, the same proportion blaming the rising cost of living and 25% blaming difficulty in getting a mortgage.
Paula Higgins, chief executive of the HomeOwners Alliance, said: “Our research demonstrates that both first-time buyers and those who already own a home are choosing to play it safe in these uncertain times.
“With the Government preparing to trigger Article 50 this week, we can expect further uncertainty in the market until the UK’s future relationship with Europe is more clearly defined.
“People putting off plans to buy or sell chokes housing supply and generates pent up demand. The housing market needs certainty in order to be able to function most efficiently.
“The Government could help to ameliorate the situation by looking again at Stamp Duty. It remains stubbornly high and acts as a drag on the market. Reducing the burden for genuine owner-occupiers could really help to keep the market moving in these uncertain times.”
Commenting on the figures, Kim Vernau, chief executive of BLP Insurance, which has a stake in the HomeOwners Alliance, said: “We’re at a critical juncture for the UK property industry as we await further clarity around the terms of the UK’s exit from EU.
“Purchasing a new home is one of the biggest decisions that an individual is ever likely to undertake, and this is only compounded by the fact that average house prices are continuing on their upward trajectory. It’s therefore not surprising that many people are putting their housing ambitions on hold amidst the prevailing uncertainty.”
*** source from http://www.propertyindustryeye.com/15-of-adults-put-off-moving-home-due-to-brexit/ ***
