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Brexit forces many to reconsider property plans, says agency survey

Five per cent of homeowners say they will definitely not be buying a property until the Brexit process is over, while almost two thirds of those aged 18 to 24 admit they have reconsidered their property plans because they are "losing faith in the economy."

The details behind the figures, produced by estate agency Cluttons, roughly mirror last June's EU Referendum result.

Some 82.7 per cent of people aged 55 or above say Brexit has not led to them reconsidering their property plans, while 63 per cent of adults aged 24 or below have reconsidered.

Strongly 'Remain' localities are the most concerned about Brexit's effect on the economy and individuals' housing aspirations; in Oxford, for example, a pro-Remain area, no fewer than 80 per cent stated they were reconsidering their property plans. In York the figure was 72.7 per cent and in Norwich 72.2 per cent.

Overall 53.7 per cent of of the 2,000 questioned in the survey were reconsidering their property plans because of the Referendum result. Only 29 per cent said they regarded Brexit as an opportunity to "capitalise on a failing market" while five per cent will wait completely until Brexit is over.

"Brexit has undoubtedly fuelled economic anxiety across the country. When combined with more macro issues such as the ongoing evolution of the US global economic policies means we are in the midst of the most uncertain economic conditions since the great recession of 2008" says Cluttons' head of research Faisal Durrani.

But he says many home buyers and vendors are returning to the market "and the current slowdown in house price growth is just part of another property cycle, Brexit or not."

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