We have faced much political uncertainty of late, from indy ref, to general elections and the Brexit vote. With Brexit currently dominating the news agenda, it is understandable that consumers may be more cautious when it comes to major financial or life changing decisions such as a home move.
However, new research commissioned by the Mortgage Advice Bureau has found that political matters are much less important for home movers than changes in personal circumstances are, with 71% of those asked reporting that Brexit is actually not a consideration for them when planning to move.
65% of those questioned cited changes to personal lives, family reasons and following employment opportunities as their main motivation for moving, something that matches what we have seen locally at Nicol Estate Agents in the buoyant East Renfrewshire market. We have seen our clients continue to want to buy, sell and rent despite the political uncertainty of recent months and years and despite the ongoing Brexit debates.
The research found that younger home movers, aged 25 – 34, were the least likely to see Brexit as a barrier, instead 38% cited an expanding family as the prime motivation to move property. Again, as our experience has been in the local sector, people will continue to want to climb the property ladder despite the political climate.
When it comes to views on how Brexit may affect house prices, again the picture was more positive than many may suspect. Though 30% are anticipating house prices to fall over the next 12 months of Brexit negotiations, an almost equal 29% actually expect house prices to rise following the UK exit from the EU.
Though we can’t say the housing sector will be completely immune to our EU exit, it appears that buyer confidence remains high. As long as people are chasing new employment opportunities, expanding families and downsizing due to retirement, there will always be people looking to buy, sell, rent and relocate. We have seen strong competition among property buyers locally, who are keen to secure 2, 3, 4 or 5 bedroom properties in the area. East Renfrewshire continues to enjoy the highest average property price in Scotland at £242,003, rising 6.4% in 2016, with this trend looking to continue throughout the Brexit negotiations.
Just how much the UK housing market as a whole will feel repercussions of Brexit remains to be seen, however, we are confident that, as we have seen time and time again, the East Renfrewshire housing market can weather any further political storms brewing.