One-in-five British homeowners say that uncertainty after the Brexit result may affect their decision to move house, a new report has revealed.
The latest survey from home services marketplace Plentific.com found that 22% of homeowners indicated that Brexit was affecting the likelihood of their moving in the short-term. Only 10% said they were now more likely to move in the next three years, and 12% less likely to uproot.
In London, more than a quarter (26%) of owners surveyed were now more likely to sell their home in the next three years because of Brexit, with 11% less likely to do so.
However, despite these results, the survey found that 27% of property owners in London were looking to invest in their homes by making improvements rather than face the housing market.
In fact, three months on from the EU referendum, Plentific noted a 50% increase in the number of homeowners who were more likely to make improvements in the wake of Brexit. This indicates that the post-Brexit panic has subsided and the public are feeling more relaxed about spending.
The change was more apparent in the North, with those in the North-West (21%) and North-East (19%) now more likely to undertake a home-improvement project – more than double the pre-Brexit number.
Cem Savas, co-founder of Plentific.com, said: “We knew Brexit would have massive consequences for the UK housing market and our research shows that the public are still unsure of our future. Despite the fear-mongering and confusion, which has surrounded the topic, Plentific’s statistics show that homeowners are now more relaxed about the idea of spending money on their property. Interestingly, our research highlights the current nervous property market in London, with a quarter of Londoners ready to cash in and sell up.”