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Brexit & hung parliament likely to affect property sales
• A quarter ( 24 %) of homeowners say Brexit and the recent general election have influenced their likelihood to sell in the next 12 months
• 22 % of homeowners say the likelihood of carrying out home improvements has been affected
• 33 % of homeowners aged 18-35 say they are now more likely to make home improvements
• Londoners are most likely to sell their home ( 34 %) within the next three years , up from 26 % from 2016
• 32 % of London homeowners are now more likely to sell their property in the next year
Home service marketplace Plentific . com has revealed that a quarter of homeowners ( 24 %) say Brexit and the recent general election have affected their decision to sell their property in the next 12 months . The percentage of London homeowners who say they are now more likely to sell their home within the next three years has risen from 26 % last year ( 2016 ), to 34 % this year .
When it comes to home improvements , the statistics show that there has been a huge increase in demand as a result of recent political events . 39 % of homeowners in London say they are now more likely to spend money renovating their current property as a result . This is a 77 % increase from last year , when just 22 % of homeowners said that their decision would be affected by Brexit .
SELLING PROPERTY
The statistics show that out of the 24 % of homeowners whose decision has been affected by Brexit and the recent general election , 8 % are more likely to move within the next year , while 16 % are less likely . Focussing on homeowners by location , Londoners topped the table , with 32 % saying they are more likely to sell their property in the next year , and 23 % saying the opposite .
20 % of homeowners in Birmingham said they are less likely to sell up , compared to 6 % who are now more likely to sell . 25 % of homeowners in Cardiff and 23 % in Glasgow would also be less likely to sell within the year .
Based on age , young homeowners seemed split in their opinions , with 25 % saying they ’ re more likely to move in the next 12 months , and 19 % more likely to stay put . These figures were the highest based on age , which could suggest that young people take into account the effect of current events and the impact they have on housing very seriously .
HOME IMPROVEMENTS
Looking at the data for home improvements , 13 % of homeowners say they are more likely to carry out renovation projects on their current property due to Brexit and the recent election , up 30 % from 2016 ( 10 %). This highlights the increasing demand for home improvement and renovation projects , as well as the confidence homeowners are experiencing when it comes to investing in their property .
When it comes to age groups , 18 to 34-yearolds top the table for homeowners who are more likely to make improvements to their current property in the wake of recent political events at 33 %. This is an increase of 50 % on last year ’ s figure of just 22 %.
Locations around the UK who say they are more likely to make home improvements due to the recent election and on-going Brexit negotiations are London ( 39 %), Cardiff ( 20 %), Edinburgh ( 17 %) and Newcastle ( 16 %).
LONDON
The statistics show London homeowners have been most affected by recent political change . 39 % of homeowners in the capital say they are more likely to carry out renovation work in their current property in the next 12 months , while 16 % said they are now less likely .
With property prices in London showing signs of decreasing in recent months , it ’ s no surprise that homeowners are considering selling up . 32 % are also more likely to sell their property within the next 12 months .. When looking at owners selling up in the next three years , 34 % are now more likely to move home , an increase from 26 % in 2016 .
Stephen Jury , spokesperson for Plentific commented , “ Last year , the Brexit vote sent shockwaves across the nation . One year on , the recent general election and the resulting hung parliament , as well as ongoing Brexit negotiations , have had a similar effect . These political events have all had a huge impact on homeowners looking to either sell or renovate their property .
“ There have been some interesting changes in demand over the last year , which indicate that the current state of the housing market has made homeowners more wary , especially the younger generation .”
CLEARVIEW-UK . COM » SEP 2017 » 29