Brexit

Brexit delay forces 47% of first-time buyers to alter home-buying plans




Almost half of first-time buyers (47%) have had to alter their plans when looking to purchase their first property due to the Brexit delay, according to the latest research.

A survey by specialist bank Aldermore found that 63% of prospective first-time buyers living in London had been impacted by Brexit delays.

Other highlights from the survey included:

  • 24% claimed Brexit disruption had caused them to delay purchasing a property, with 16% revealing that it had done so by 12 or more months
  • 22% have brought their plans forward as a result, with 10% doing so by up to three months and 12% by six or months or more
  • 56% of self-employed first-time buyers claimed they needed to make changes to their timeline before buying, with 50% of those employed full-time doing likewise
     

Damian Thompson, director of mortgages at Aldermore, said: “Owning a home is a long-term investment that’s likely to outlive current short-term political ambiguity and economic conditions, even if they may cause frustrating delays or changes to house-buying plans.

“There will always be economic ebb and flow and, within that, temporary periods of uncertainty in a housing market that is ultimately cyclical in nature.”

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