Following the EU referendum, which resulted in Sterling’s slump and economic uncertainty, around 70 per cent of British people claim these factors have not affected their decision to buy or sell property.
A OnePoll survey, conducted on behalf of Comparethemarket in July among 1000 respondents in the process of either buying or selling a home, found 20 per cent of first-time buyers believe Brexit could make taking their first step on the property ladder easier.
They have been quick to use this to their advantage, with 43 per cent of 18 to 24 year-old home buyers being happy to offer lower than the asking price to get the best deal.
There is not only confidence among young home buyers and sellers. Around 60 per cent of those aged 55-years plus stated they have not been deterred by Brexit to downsize or make a move to their dream home.
There seems to be minimal panic buying/remortgaging and others are holding off to see if they get a better rate. Danny MatthewsDespite many being keen to strike profitable deals, house sellers are just as determined to ensure they are getting the best price for their property, with 63 per cent of sellers refusing to reduce their asking price by 10 per cent.
With nearly a fifth (17 per cent) of Brits believing the price of UK properties has already decreased post the vote to leave the EU, home sellers are keen to ensure they get the best deal, according to the price comparison website.
As the property market looks forward to the year ahead and Brits stay positive about the opportunities home owning and selling has to offer, it looks to be an exciting and competitive future ahead for the UK property market.
For London-based mortgage brokers, such tales of deals falling through due to Brexit repercussions have been few and far between, although some haggling is certainly going on over prices.
Danny Matthews, Cirencester-based broker and founder of Advisers Edge Media, explained he has a client who after a year of trying to sell their house, had the buyer pull out purely due to their own sentiment and uncertainty of what is to come.
“I find that absurd; an irrational, uneducated decision based on guess-work,” he stated, although on the whole, he added: “There seems to be minimal panic buying/remortgaging and others are holding off to see if they get a better rate.”
peter.walker@ft.com
