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To Brexit or not to Brexit

Posted on March 29, 2019 at 10:34 AM

So today should have been crunch day, the day we left the EU and the day we picked up and carried on whatever the preferred option you voted for back in 2016. But here we are, no further forward and no definitive path in sight. So, what has this done to the housing market in it’s current state of play?
The Legal & General Mortgage Club have surveyed 2,000 homeowners and from this one in eight people buying or selling in the next six months say they will delay their plans and another 10% have put their plans on hold altogether.
Another 5% have advised they will try and get their property purchase through before any Brexit deadline expires.
In terms of what impact this is having on certain sectors of the property market place, young owners (such as first time buyers and second steppers) are the most likely to change their plans with 16% of those who intended to buy having delayed their decision compared to 11% of over 45’s – no doubt those in that bracket are moving due to other decision making factors such as work and family.
Demand for property is still out there and property ownership remains the objective for many but the uncertainty we currently face is reflected in the stalemate of the decision-making process for politicians and property owners alike.