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Jun 13

Brexit fears cause many to put moving plans on hold

Emotions ran high on 23rd June 2016 when the nation made the decision to depart from the European Union.

Whilst some rejoiced, others feared for the future of their jobs, the economy and even the size of their chocolate bars.

However, it now seems that the so-called “Brexit jitters” have caused house hunters to put their moving plans on hold.

According to research from both the HomeOwners Alliance and BLP Insurance, around 1 million UK adults have put off plans to move following the referendum result.

Although the housing market seemed to remain resilient after the Brexit vote, these figures indicate that people are still hesitant to relocate in the wake of the decision.

Brexit was not alone in causing would-be buyers to stay put. The soaring cost of house prices also played a big part, with 26% of those who put moving plans aside saying that the price of getting on the property ladder was to blame.
Another of the biggest factors causing concern was the growing cost of living; 25% of would-be buyers blamed inflation and the reduced amount of disposable income for their property worries.

Also accounting for a quarter of hesitant home movers was securing a mortgage or remortgaging.

The stamp duty increase was not to be forgotten either, with the tax deterring 9% of those who had sidelined their home moving plans.

When it comes to the property market, it’s easy to be confused. With so much to take on board, the thought of moving house can be overwhelming and leave you unsure where to start.

That’s why it’s important to speak to someone who’s experienced.

Talking to a member of our professional team at Ramsdens can help put your mind at ease by guiding you through each step of the conveyancing process and by answering any queries you might have about moving home, call us free on 0808 1685643 or email .(JavaScript must be enabled to view this email address).