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Confidence in the housing market steady after Brexit

Latest research from comparethemarket.com has revealed that many of you are still confident in the housing market, despite the vote to leave the EU. That’s also in the face of the news this August 2016 that home ownership is at its lowest level in 30 years. 

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Quietly confident

Our results found that 70% of you don’t think the Brexit vote will affect your decision to buy a house, while 77% said it wouldn’t stop you selling, which could be good news if you’re in the market. At the same time, 50% of you declared yourselves either extremely or fairly confident in the UK property market, citing reasons such as an expectation of things settling down quickly following the initial shock, the hope that it could be good news for first time buyers and the belief in the enduring nature of the market itself.

Fun for first time buyers?

Whilst the first time buyers among us are still unsure of the overall housing market, it seems that some of you have been buoyed by the news. We found that 20% of you believe it could get easier to hop on to the property ladder following Brexit, with younger generations seemingly ready to capitalise on the potential uncertainty. 43% of 18-24 year olds and 30% of 25-34 year olds said that they would consider the possibility of making a lower offer than you would have done before the vote.

seller market

Seller market

Despite the fact that those whippersnappers are keen to make lower offers on properties they’ve set their sights on, it seems you sellers out there won’t budge. Since the events of 2008, the housing market has been down a bumpy road, and it seems you’re determined to get the best price for your property. 63% of you were adamant that you would not accept an offer 10% below the asking price following the Brexit decision.

Time will tell

While confidence overall seems to be steady soon after the vote, some of you seem to be a little more wary. We found that 31% of you believed that house prices might fall in the next 12 months as we start to become a little clearer about what Brexit means for the UK.

This wariness also seems to extend into home insurance, as 22% of you believe that your premium might rise because of the result. A survey we conducted before the vote showed that this uncertainty was entrenched during the campaigns as almost three quarters (73%) of you believed that neither the ‘Remain’ nor ‘Leave’ campaigns had explained the impact on personal finances of leaving the EU.  It’s hoped that these concerns will soon be put to rest.

These findings are based on an independent survey, conducted by Onepoll on behalf of comparethemarket.com. We surveyed 1,000 UK adults that are either in the process of buying or selling a home (in early stages of viewing homes / getting their home valued to put on the market, or later). The poll was undertaken between 18th July and 1st August 2016.