Younger home buyers in the UK have postponed an upcoming property purchase due to concerns over the strength of the country’s post Brexit economy, a new survey has found.
Some 63% of 18 to 24 year olds revealed that they have reconsidered buying a home due to losing faith in the economic outlook when the country leaves the European Union, according to the poll commissioned by property consultants Cluttons.
The OnePoll survey also found that older people were not as concerned with 82.07% of those aged 55 saying that the Brexit decision hasn’t impacted their property purchase intensions at all.
At a regional level, people in Oxford were the most concerned with the impact of a failing post Brexit economy on the property market as 80% stated they were reconsidering purchasing a property since the leave victory in the referendum, which is significantly above the national average of 53.7%.
Residents in York and Norwich also admitted that the referendum result had reduced their faith in the economy and therefore a vast majority of respondents respectively were reconsidering moving house at 72.7% and 72.2% respectively.
Overall some 35% of those polled said that they are looking to move or upgrade their current property with 72% of people stating that Brexit has no impact on their intension to purchase.
The top region where Brexit has not impacted property purchasing intentions was the South East with 78% not affected, followed by the Midlands with 77%, Scotland and the South West at 75%, London and Wales both 73% and Northern Ireland 69%.
The poll also showed that 29% of the total UK residents surveyed agreed that they found the Brexit decision a chance to capitalise on a failing market with only 5% of people not buying a house until the Brexit process has been completed.
‘Brexit has undoubtedly fuelled economic anxiety across the country. That said, it is encouraging to note that despite heated discussions in the wake of the Brexit referendum results, it’s clear that home buyers have not been deterred by political events in Westminster,’ said Faisal Durrani, head of research at Cluttons.