New research from campaigning and advice body, HomeOwners Alliance and warranty provider, BLP Insurance, has shown that more than one million UK adults have shelved plans to purchase a new property because of the vote to leave the European Union.
The referendum result is just one of a number of factors causing British homeowners to stay put rather than move property. The research found that overall, 7.5 million UK adults have put off plans to move this year.
In addition to the perennial challenges around rising house prices (26%), increasing cost of living (25%) and difficulty securing a mortgage or re-mortgaging (25%), almost one in six (15%) of those who stated that they had put plans to move on hold said that the Brexit vote was behind their decision. Those in the North East (27%) and Northern Ireland (21%) were the most likely to have cancelled plans to move.
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. 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.”
The data is from the 5th Annual Homeowner Survey conducted by YouGov for the HomeOwners Alliance and BLP Insurance. The survey polls over 2,000 UK adults on housing concerns and the latest trends affecting homeowners and those aspiring to own.
Photo: The Brexit vote has led to many people shelving their moving plans.