Brexit ‘prompts transaction surge to beat possible market slump’

A mortgage firm claims that around a third of all those who have moved homes since 2016 have done so - or have at least accelerated their plans to do so - in a bid to avoid possible complications after Brexit finally happens.

The mortgage broker Trussle says its survey reveals that of those who have moved in the past three years, 18 per cent claim they felt forced to act after losing confidence in the housing market due to Brexit uncertainty. 

It says the impact of Brexit varies considerably when it comes to age and location. 

Some 40 per cent of 18 to 39 year olds say uncertainty since the EU referendum back in June 2016 has impacted their property decisions. This compares to just 12 per cent of people aged 40-plus.

Regionally, 39 per cent of Londoners say Brexit-linked uncertainty has affected their property decisions; however, just six per cent of people in Yorkshire, eight per cent in the East of England and 11 per cent in the North West say their decisions have been influenced by Brexit.

Trussle claims its research suggests there are as many as a million owners holding off from selling, amid fears the economic climate will result in a low return of investment.

However, there are now considerably more people planning to move home in the next three years - 21 per cent - than those who’ve moved since 2016.

Ishaan Malhi, CEO and co-founder of Trussle, says: “The picture initially appears pretty bleak. But, despite the UK’s post-Brexit landscape being no clearer, there are plenty of positive signs of movement elsewhere. Remortgaging activity recently reached its highest peak in nine years and more people are considering a move in the next three years.

“In many ways, the housing market’s proving its resilience in the face of uncertainty. As the future becomes clearer, we could see it turbocharged.”