If you were planning on buying a house and have been discussing the matter with a mortgage broker in York, you may find it harder to find your dream property now that the UK has voted to leave the European Union.
New research from home improvement company Plentific has found that 12 per cent of homeowners will be staying where they are and are less likely to sell their house in the next three years because of the result. What’s more, 25 per cent of young homeowners (those aged between 18 and 34) would prefer to do DIY than sell.
Homeowners in London were found to be the least likely of all those in the UK to sell their homes now – 18 per cent confirmed that they are now less likely to do so within the next three years, 50 per cent higher than the national average.
“The Plentific research shows a level of uncertainty for homeowners which will impact buying and selling confidence plus continue to drive the huge demand with home improvements,” co-founder of Plentific Cem Savas said.
Economic uncertainty at this time is likely to mean that people will be looking to tighten their belts a bit and not spend quite so much, which could mean there are fewer house buyers on the market as well. This will have an impact on both demand and house prices – which in turn will likely mean that homeowners will be more reluctant to sell because it’ll be harder for them to trade up property-wise if the value of their own house has fallen.