Brexit ‘not a consideration for home movers’

Mon 11 Sep 2017

The majority of people planning to buy or sell a property are not influenced by Brexit, according to a new study.

Some 71 per cent of prospective movers surveyed by Opinium on behalf of Mortgage Advice Bureau said the UK’s exit from the European Union (EU) in 2019 is not an issue they would take into consideration when deciding whether to move.

Instead, 65 per cent of people named their main motivation for finding a new place to live as either family or employment opportunities.

Kevin Shaw, national sales director at property specialist Leaders, says: “Moving home is often a decision based on emotion, with people choosing to follow their heart and secure the best possible home for themselves and their family. Wider economic and political issues tend not to weigh too heavily on people’s minds.

“That’s why Brexit has proven to have only a minimal impact on the property market, with house prices continuing to rise and transaction levels faring well. Millions of Brits have ambitions to climb the property ladder and this will not change.”

The survey also found people aged between 25 and 34 were least likely to be influenced by Brexit, with 38 per cent of those in this age range revealing a growing family is their primary motivation for moving.

Opinions were mixed on how house prices will perform once the UK leaves the EU, with 29 per cent of respondents saying they expect values to rise while 30 per cent suggested they will fall.

Kevin adds: “Far from the negative picture that some experts have painted since the EU referendum, these figures suggest consumer confidence is still high and people are ready to move.

“High demand will continue to make it a good time to sell a property and helps sellers get a great price for their home, allowing them to make their next step. This will inspire many people to move in the latter part of 2017 and into 2018, leaving Brexit well down the list of considerations.”

For more information or advice on selling a property contact your local Leaders branch.