1 in 6 potential first time buyers put off by Brexit
As the Prime Minister formally triggers Article 50, beginning the process of the UK’s departure from the EU, new research from Life Insurance provider Beagle Street has revealed that 1 in 6 potential first time buyers aged 18-40 say the prospect of Brexit has put them off entering the property market. Almost half of those put off buying cite ‘general uncertainty’ as deterring them from making a major life decision such as buying a house, while a further quarter (24%) say economic fluctuations are preventing them from entering the property market.
However, for 7% of potential homebuyers Brexit has acted as a spur to buy property sooner, with 43% saying they’re keen to get on with a purchase before things change and 39% spurred on by fluctuations in the economy. More than 1 in 10 prospective homebuyers (11%) say they are feeling more positive than they were a year ago, rising to almost 1 in 3 (31%) of those in the process of buying a property.
2,000 potential homeowners participated in independent research commissioned by life insurance provider Beagle Street on their attitude towards buying a home and their understanding of the government help available for first time buyers, such as Help to Buy and the new Lifetime ISA. The research was commissioned to coincide with the launch of Beagle Street’s comprehensive guide for first time buyers.
Matthew Gledhill, Managing Director of Beagle Street, said:
“None of us yet knows what Brexit will mean for homebuyers, and the landscape for first time buyers is already complex, with lots of government schemes on offer and a constantly changing financial and political picture.
With so much to consider, it’s understandable that many first time buyers feel nervous about stepping on to the property ladder. Here at Beagle Street we’re all about making complicated things simple – that’s why we’ve produced an in-depth guide to the property process.”
Originally released: 29th March 2017