New research shows that despite the impact of ongoing Brexit negotiations on the political climate, life still carries on regardless for UK home movers.
With 71 per cent not even considering Brexit when planning their next house purchase, it would seem the impending EU departure is having little or not impact on consumer confidence.
Brian Murphy, Head of Lending for Mortgage Advice Bureau, the company which carried out the research, said: “The fact that 71 per cent 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.
“In fact, this report should be regarded as a reality check and a reminder of the fact that, for most, a home move is driven primarily by personal circumstances rather than economics or politics, something that’s clearly evidenced by our research, with almost two thirds of respondents highlighting changes in lifestyle as the key factors driving their decision to move home.”
The report also found that those aged 25 to 34 were most likely to be unaffected by Brexit, which is possibly unsurprising with 38 per cent of the game age range citing a growing family as the reason for their move.
Brian explained: “There would seem to be mixed opinion and amongst consumers regarding what the future may hold for housing prices with 30 per cent expecting a fall over the next 12 months and 29 per cent 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 they 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 per cent 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.”
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