Brexit fails to impact homemoving plans
New research has revealed that 71% of those intending to move will not consider Britain’s departure from the EU when planning the purchase of their next home.
According to the Mortgage Advice Bureau, just under three-quarters of respondents stated that regardless of the political and economic uncertainty stemming from Brexit negotiations, their moving plans would remain unaffected.
As opposed to external influences, the majority of home movers are motivated by their own circumstances, with 65% of those asked stating that the main driver behind their move was a new job or extending family.
Commenting on the results of the reports was Brian Murphy. The Head of Lending for the Mortgage Advice Bureau highlighted how the figures may come as a surprise to those who believe Brexit will have a negative impact on the property market.
“The fact that 71% of those planning a home move did not see Brexit as an influencing factor in their decision-making process is perhaps surprising news for those who may want to paint a pessimistic picture of the current UK housing market.
“There would seem to be mixed opinion amongst consumers regarding what the future may hold for house prices with 30% expecting a fall over the next 12 months and 29% expecting them to rise as a result of the UK leaving the European Union. However, whilst property prices will undoubtedly continue to be a consideration for those planning their next home move, most would appear to be shrewd in their financial planning and are taking advantage of the plethora of competitive deals available, with over 58% of survey respondents choosing to fix their mortgage interest rate for five years or more, enabling them to budget for the long-term by capping what for most is their largest single monthly expense.
“Overall, the poll gives us valuable insight into consumer sentiment and would indicate that homeowners who are motivated to move are not being swayed by the political negotiations, with consumer confidence in property seemingly still high.”