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Quarter of UK homeowner’s likelihood to sell in the next 12 months affected by Brexit and hung Parliament

17 Jul 2017

Home renovation projects on the increase

Plentific.com, has revealed that a quarter of homeowners (24%) say Brexit and the recent general election have affected their decision to sell their property in the next 12 months. The percentage of London homeowners who say they are now more likely to sell their home within the next three years has risen from 26% last year (2016), to 34% this year.

When it comes to home improvements, the statistics show that there has been an increase in demand as a result of recent political events. 39% of homeowners in London say they are now more likely to spend money renovating their current property as a result. This is an increase from last year, when just 22% of homeowners said that their decision would be affected by Brexit.

The statistics show that out of the 24% of homeowners whose decision has been affected by Brexit and the recent general election, 8% are more likely to move within the next year, while 16% are less likely. Focusing on homeowners by location, Londoners topped the table, with 32% saying they are more likely to sell their property in the next year, and 23% saying the opposite.

20% of homeowners in Birmingham said they are less likely to sell up, compared to 6% who are now more likely to sell. 25% of homeowners in Cardiff and 23% in Glasgow would also be less likely to sell within the year.

Based on age, young homeowners seemed split in their opinions, with 25% saying they’re more likely to move in the next 12 months, and 19% more likely to stay put. These figures were the highest based on age, which could suggest that young people take into account the effect of current events and the impact they have on housing very seriously.

Looking at the data for home improvements, 13% of homeowners say they are more likely to carry out renovation projects on their current property due to Brexit and the recent election, up from 10% in 2016. This highlights the increasing demand for home improvement and renovation projects, as well as the confidence homeowners are experiencing when it comes to investing in their property.

When it comes to age groups, 18 to 34-year-olds top the table for homeowners who are more likely to make improvements to their current property in the wake of recent political events at 33%, up from last years’ figure of just 22%.

Locations around the UK who say they are more likely to make home improvements due to the recent election and on-going Brexit negotiations are London (39%), Cardiff (20%), Edinburgh (17%) and Newcastle (16%).

The statistics show London homeowners have be most affected by recent political change. 39% of homeowners in the capital say they are more likely to carry out renovation work in their current property in the next 12 months, while 16% said they are now less likely.

With property prices in London showing signs of decreasing in recent months according to Plentific, it’s no surprise that homeowners are considering selling up. 32% are also more likely to sell their property within the next 12 months.. When looking at owners selling up in the next three years, 34% are now more likely to move home, an increase from 26% in 2016.

Stephen Jury, spokesperson for Plentific commented: “Last year, the Brexit vote sent shockwaves across the nation. One year on, the recent general election and the resulting hung parliament, as well as ongoing Brexit negotiations, have had a similar effect. These political events have all had a huge impact on homeowners looking to either sell or renovate their property.

“There have been some interesting changes in demand over the last year, which indicate that the current state of the housing market has made homeowners more wary, especially the younger generation.”

News source: Courtesy of Glass & Glazing Magazine