Brexit

Brexit uncertainty behind a third of house moves since 2016




A third of homeowners (33%) who’ve moved house since 2016 claim that Brexit was behind their decision to move, according to research by Trussle.

The online mortgage broker based its findings on a survey of 2,001 people.

Other key findings from the survey:

  • Brexit has taken approximately one million homes off the market
  • 40% of 18- to 39-year-olds said their property decisions had been affected by Brexit
  • 31% of people found applying for a mortgage harder due to ‘lacking confidence’ in the property market
  • 18% claimed that they felt ‘forced’ to act after losing confidence in the housing market due to Brexit uncertainty
  • 15% said their move was driven by a desire to ‘live abroad’ due to Brexit
  • the number of renters who reported Brexit as the driving factor in their move since 2016 was lower (12%)
  • 39% of Londoners said that Brexit-linked uncertainty had affected their property decisions
     

Ishaan Malhi, co-founder and CEO at Trussle, said: “People have been discussing the Brexit effect on the housing market since the EU referendum, and have continued to speculate about what lies ahead for our future economy.

“It’s alarming to think that so many homeowners cite Brexit as their main motivation.

“Add to that the one million homeowners who aren’t putting their home on the market due to uncertainty — and the picture initially appears pretty bleak.”

Trussle’s research also indicated how varied the impact of Brexit was when it comes to age.

In contrast to the 18- to 39-year-old demographic, just 12% of people aged 40-plus said that uncertainty since the EU referendum had impacted their property decision. 

Despite this, Ishaan also added that there were “plenty of positive signs of movement elsewhere” and claimed that as the future became clearer we could see the housing market “turbocharged”.

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