Homesellers unfazed by Brexit uncertainty

Michael Lloyd

October 31, 2019

Most (70%) homeowners who planned to sell their property this year claim that Brexit uncertainty did not deter them from doing so, estate agent Jackson-Stops has revealed.

In the event of a no-deal Brexit, 39% of homeowners said that it would have no impact at all on their home buying decisions.

Nick Leeming, chairman at Jackson-Stops, said: “Although the UK lacks confidence in Boris Johnson’s ability, or want, to prioritise improving the housing market, it is positive to see so many respondents unfazed by the prospect of the country leaving the EU.”

Some 41% of buyers and sellers believe a wholesale reduction in stamp duty is required across all brackets.

More than half (55%) believe housing is not a priority for current Prime Minister Boris Johnson.

Leeming added: “Only 14% of UK consumers stated a no-deal Brexit would have a strong impact on their decision to put their home on the housing market.

“Therefore we must look to other underlying market fundamentals, such as punitive stamp duty charges, as a remedy for creating more movement throughout the property market.

“Our latest data shows that the constant ‘will we or won’t we’ debate on when the UK will leave the EU is no longer a dominant factor in people’s homebuying and selling decisions.

“The current market is very discerning and buying or selling a home isn’t something that people do off the cuff – there is often an overriding reason for moving, whether that is to be closer to schools or childcare, the need to upsize or downsize or even to experience a more relaxed lifestyle.

“Now represents an ideal time for homeowners to put their property on the market; those high-quality, well-priced homes are attracting the attention of serious buyers, and our branches in particular are succeeding in delivering excellent sales, despite the unusual market conditions.”

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