Thousands of first-time buyers holding off because of Brexit

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At least 136,000 aspiring homeowners are holding off from buying due to Brexit uncertainty, according to financial services provider One Family.

More than half (55%) of aspiring first-time buyers with a deposit at the ready are waiting for the current uncertainty to wear off.

Nici Audhlam-Gardiner, managing director of lifetime ISAs at OneFamily, said: “At times of uncertainty it’s always hard to know what to do, and many would be homeowners would benefit from the reassurance of speaking to a financial adviser to help them understand the options available to them.

“While any market fluctuation as a result of Brexit could give first-time buyers a golden opportunity to get on the housing ladder, it could just as easily make it harder.

“If your clients are thinking of waiting a little longer it provides them with a good opportunity to boost their savings toward their first-home. The Lifetime ISA that replaces the Help to Buy ISA, that closes this year, gives first-time buyers a 25% boost to their savings on up to £4,000.”

Two out of three first-time buyers (65%) ready to buy believing that doing so before Brexit would be a bad financial decision.

The majority of (55%) are therefore delaying their purchase as they think they will be able to get more for their money after 29 March this year.

One in five (19%) of those who are currently saving to buy their first property say that they would be able to buy if house prices dropped by 5%.

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Written by: Houseladder