New research from netanagent.com, the estate agency comparison website, reveals that, in true British spirit, UK homeowners are remaining positive post-Brexit despite uncertain economic times. Findings show that almost half of homeowners (45%) think their property value will stay the same or increase following the UK’s decision to leave the European Union, with 20% unsure of any change in value and just over a third (34%) expecting to see a decrease.
Of those homeowners who had planned to sell property over the coming months, only 6% are considering putting their plans on hold and only 2% who already have property on the market are considering removing their listing following the referendum result.
Despite concerning predictions ahead of the vote from the then Chancellor of the Exchequer, George Osborne, who forecasted a 10-18% drop in the value of property if the UK voted to leave the EU, consumers appear to be holding their nerve.
Whilst Brexit does appear to be having an impact on overall purchasing decisions, with a fifth (19%) of consumers less likely to purchase a new car and 22% less likely to plan a round the world holiday, it does not seem to have had an overly negative influence on home improvement purchasing decisions, as only a small minority of UK homeowners are now less likely to buy a new kitchen (14%), new bathroom (14%) or to extend their house 17%).
Alex Thorpe, Managing Director at netanagent.com, comments: “Our research shows that, in the face of widespread concern about the UK economy, homeowners are cautiously optimistic about the future of the property market. Despite an understandable wariness, it seems Brexit isn’t dramatically changing people’s plans to put their property on the market following the vote, which is welcome news for estate agents and the economy as a whole.”
The netanagent.com research was independently conducted by Pollfish and surveyed 1,000 UK homeowners between 18 and 22 of July 2016.