How political events are influencing decisions to buy and sell property

Nearly one quarter of Britain’s homeowners agree that the recent general election and Brexit decision have had an impact on their decision to sell or buy property over the next year, a new report states.

The research was put together by Plentific, a home service firm, and revealed that 24% of participants are of the opinion that these two political events have influenced them to sell property. Additionally, 32% of Londoners are now more likely to sell than they were before.

How To Buy & Sell Property Post-Brexit [Infographic]

The same report also stated that the willingness to undertake home improvements has increased significantly. Just under 40% of the capital’s homeowners have said they would now be more likely to invest money in improvements, an increase from 22% last year.

When it comes to the age divide, those aged between 18 and 34 are the most likely to arrange for improvements in their home, with a 33% ratio stating they will do so. This is another significant increase as last year only 22% said they would be looking into making renovations.

Locations across the UK that are the most likely to see renovations happening soon, following the recent political events, are:

  • London at 39%
  • Cardiff at 20%
  • Edinburgh at 17%
  • Newcastle at 16%

This proves once again that the capital is by far the location that is affected the most by political change, whilst property in other areas of the UK may remain somewhat untouched.

Brexit: A big change with little impact on the country’s property market

Out of those 24% whose property selling decision was affected by the general election and the EU referendum result 8% are more likely to move within the next 12 months whilst 16% are less likely to do so.

Young homeowners were the most divided when it came to finding the best time to make the move. Whilst 25% stated they would be looking into moving over the next year another 19% explained that they’d prefer to stay put.

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