GoCompare – A million delay moving due to Brexit
Almost a million people may have stalled plans to move home over the past three years due to Brexit uncertainty, a new survey reveals.
The research by Gocompare found that over the past three years 1.5 million people have delayed moving house and of these 60 per cent cited Brexit as the main cause.
It means that more than 900,000 would-be movers may have stayed put or pushed back their plans because of the UK’s drawn-out negotiations with the EU over leaving.
Other reasons people gave for postponing a move included a lack of funds for 33 per cent, difficulty securing a big enough mortgage for 14 per cent, struggling to afford homes in their chosen area for 14 per cent and worries over job security for 12 per cent.
GoCompare Home Insurance spokesman Ryan Fulthorpe says: “While there’s been much debate about how the UK’s departure from the EU will affect the economy and housing market – the full impact of Brexit is still a complete unknown.
“So, it’s understandable that the continued uncertainty surrounding when and how the UK will leave the EU is causing many people to put-off big financial commitments such as moving house.
But he adds: “While some potential home buyers have decided to wait and see how Brexit pans out, there are many who will want to get moving.”
Other housing data presents a mixed picture.
Figures from HouseSimple yesterday showed a surge in new property listings in May and the Halifax house price index showed annual growth of 5.2 per cent in house prices last month.
But Nationwide Building Society’s most recent seasonally-adjusted house price index suggested the market is more subdued, with prices slipping back on a monthly basis in May and only rising by 0.6 per cent annually.
Source: Mortgage Strategy