More than a quarter of homeowners have put off home improvements this summer because of uncertainty following the vote to exit the EU, new research has revealed.
A study commissioned by kitchen worktops specialist Mayfair Granite found that 29% of 1,009 UK homeowners polled had put home improvements on hold because of uncertainty in the housing market and the weak pound pushing up prices and increasing job insecurity.
Of the 71% that said the Brexit vote hadn’t put them off, the majority said they would only carry out emergency home improvements or small DIY jobs instead of big expenditure projects.
The top reasons given for delaying improvement work were, the weak pound causing prices to go up (34%), job insecurity (21%), waiting for the market to stabilise (18%), housing market uncertainty (17%) and thinking of relocating outside of the UK (10%).
Mayfair Granite director Neil Beard said: “This survey shows that the Brexit vote has affected all parts of society, with many wondering what this decision means for the future of the housing market, money markets and job markets. It’s interesting to see that 10% of those polled were thinking of relocating outside of the UK. Whether this is a knee-jerk response to the vote or not, it just shows the uncertainty that we are all experiencing right now.
“On June 23rd, the British people made the momentous and unprecedented decision to leave the EU. The KBB industry as a whole was shocked by the outcome, however it is now up to manufacturers and brands like ourselves to maintain their competitive prices and to reassure the British people that it’s business as usual.”