Well over a year after the EU Referendum vote, it is fair to say that the majority of us are none the wiser when it comes to Brexit and what is going to happen to the country. No matter what you voted for, most of us thought that there would be more confirmation about the way forward for the country but as things stand, there is only uncertainty. Sadly, uncertainty can be problematic for the property market and there have been negative predictions regarding the UK property market in the wake of the Brexit vote.
However, the evidence doesn’t really back this up and it seems as though most people are getting on with life as normal. A study undertaken by the Mortgage Advice Bureau states that 71% of homeowners make no consideration of Brexit when it comes to planning their next move. It seems as though personal circumstances is the driving factor when it comes to making a major change in life. 65% of respondents said that changes to their lifestyle, such as having a family increasing in size or moving to take on a new job as being the key factors behind moving home.
Youngsters are not concerned about Brexit
The same study found that people aged between 25 and 34 years old were the group most unaffected by Brexit and the same age group cites a growing family as being the reason for their move, with 38% of relevant respondents providing this answer. It is also believed that less than 33% of respondents expect the price of property to fall in the year ahead.
You can see why some people would hold of from making a property move because of Brexit, particularly people whose jobs are likely to be affected by changes in legislation or peoples whose ability to stay in the UK could be affected. For the vast majority of people though, Brexit is something that lurks in the background without being a thing that consumes regular thought or is discussed in any great detail.
Once the exact details of Brexit are known, this may change but at this point in time, it is virtually impossible to say what will happen with any great certainty, which is why most people are continuing as normal.
At Spencer Harvey, we are not going to be able to answer the majority of questions that you have about Brexit and like you, we could probably benefit from some clear answers! However, when it comes to the Stockport property market, we know what we are talking about and we are always happy to chat about the current situation, and what may or may not happen in the future. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html