Over third of property buyers worried about market crash

Over 37 per cent of prospective buyers are worried that concern over Brexit will trigger a housing market crash according to a survey by First Direct.

The bank spoke to 4,000 individuals – 2,000 tenants and 2,000 existing owners – and of those considering buying, 37.4 per cent were worried by a crash following the result of the EU referendum. Over 40 per cent were concerned that interest rate rises, in the long-term, may be a deterrent to buying.

Only 8.5 per cent said that they feel optimistic about the effect of Brexit on their house buying experience.

When asked if they think now is the ideal time to buy, nearly a quarter of those surveyed said No (23.4 per cent) and another 29.2 per cent said Uncertain. Only 12.3 said Yes.

Some 27.5 per cent of people surveyed said that they were now considering postponing buying.

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Written by: Houseladder