Brexit negotiations and political upheaval ‘have stopped a quarter of home owners from selling’

A quarter of home owners who had been considering selling in the next 12 months have been put off by Brexit and the General Election, research claims.

A poll by tradesman marketplace website Plentific asked 2,000 adults how likely they were to sell given the hung Parliament and Brexit negotiations.

Out of the 24% of home owners whose decision has been affected by Brexit and the recent General Election, 8% were more likely to move within the next year, while 16% were less likely. Londoners topped the table, with 32% saying they are more likely to sell their property in the next year, and 23% saying the opposite.

A fifth of home owners in Birmingham said they were less likely to sell up, compared to 6% who are now more likely to sell. 25% of home owners in Cardiff and 23% in Glasgow would also be less likely to sell within the year.

Based on age, young home owners, those aged 18-34, 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.

Among 35 to 54-year-olds, 5% were more likely to move and 13% less likely, while only 1% of over 55s were likely to move and 17% were less so.

Stephen Jury, spokesperson for Plentific, said: “The Brexit vote sent shockwaves across the nation.

“One year on, the 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 home owners looking to either sell or renovate their property.

“There have been some interesting changes in demand over the past year, which indicate that the current state of the housing market has made home owners more wary, especially the younger generation.”

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Written by: Houseladder