Our latest survey of 2,000 adults has revealed that there is still uncertainty surrounding the housing market three months after the Brexit vote. 22% of homeowners have indicated that Brexit is affecting the likelihood of them moving in the short term; 10% of owners are now more likely to move home in the next 3 years, with 12% now less likely to uproot.
Looking at London, over a quarter (26%) of owners in the capital are more likely to sell their home in the next 3 years because of Brexit, with 11% less likely. With average prices currently reaching £484,716 (ONS: July 2016), could this latest insight suggest a flood of properties is about to hit the market, which in turn would likely to see a reduction in prices? Londoners also have a high percentage more inclined to make home improvements: 27% of property owners in London are looking to invest in their home rather than face the housing market.
Interestingly our survey also found that, three months on, there has been a 50% rise in homeowners who are more likely to make home improvements in the wake of Brexit. These figures illustrate how, in this instance, the post-Brexit panic has subsided and the public are feeling more relaxed about spending money.
This change of heart is particularly apparent in the North East and North West of the UK where the number of homeowners likely to make improvements has more than doubled. 21% of owners in the North West are now more likely to attempt a home improvement project with the North East at 19%. Statistically, the North majority voted for Brexit which could explain why they are adjusting faster than the South.
Cem Savas, Co-Founder of Plentific.com commented: ‘We knew Brexit would have massive consequences for the UK housing market and our research shows that the public are still unsure of our future. Despite the fear-mongering and confusion which has surrounded the topic, Plentific’s statistics show that homeowners are now more relaxed about the idea of spending money on their property. Interestingly, our research highlights the current nervous property market in London, with a quarter of Londoners ready to cash in and sell up.'