Majority Of Buyers And Sellers Unconcerned By Brexit Fears
A recent survey suggests that both sellers and buyers are undeterred by the impact of Brexit with only 10% of buyers delaying their purchase and 12% of sellers anxious about placing their home on the market until a definitive outcome is announced.
According to the Legal & General Mortgage Club Survey, over two-thirds of potential home buyers and sellers do not consider Brexit as a determining factor in their consideration of buying or selling property.
In fact, many home owners are looking to seize the initiative by purchasing property whilst the market remains uncertain. 5% of buyers were looking to strike a deal quickly, whilst prices are falling, before the deadline passes them.
Conversely, 3% of the Machiavellian sellers amongst us were looking to sell their properties now and then delay purchasing a new property until after Brexit with the hope that the Bank of England’s worst case scenario of prices dropping by a third will enable them to swoop in and purchase at a bargain price.
Younger buyers are a lot more cautious with 16% looking to delay their plans to purchase property. People over 45-years are less concerned with the impact it may have with only 11% of this age bracket looking to delay their potential home move.
Kevin Roberts, director, Legal & General Mortgage Club, said: “We’ve heard plenty of predictions from commentators about the housing market, but these findings clearly show that homeowners are largely undeterred by the impact of current political uncertainty.
“The demand for property is still clearly there. There are so many reasons why people want to move and getting onto the property ladder itself remains a goal for thousands of young people across the UK.
“The good news is that the mortgage market is providing some great support to buyers across the country, from schemes like Help to Buy through to the choice now on offer from lenders.
“That said, there will be buyers who are unsure of what steps to take or what support they could get to make their plans a reality. Good advice is paramount, particularly in times of uncertainty when it might not just mean getting the right mortgage, but also having protection in place if times do get tough.”
Has the conveyancing sector noticed a resilient market? Do you see signs that more buyers are delaying their home move?