Almost a quarter of home owners in the UK say that the recent general election result and Brexit have influenced their decision on selling in the next 12 months, new research has found.
Overall 24% believe that their decision is due to these two political events in terms of selling while 32 of people on London are now more likely to sell in the coming year, according to research from home service firm Plentific.
Home owners in London are also more likely to sell their property within the next three years with 34% considering doing so, up from 26% a year ago.
When it comes to home improvements, the statistics show that there has been an increase in those doing so. Some 39% of home owners in London say they are now more likely to spend money renovating their current property, up from 22% in 2016.
The statistics show that out of the 24% of home owners whose decision has been affected by Brexit and the recent general election, 8% are more likely to move within the next year, while 16% are less likely.
Some 20% of home owners in Birmingham said they are less likely to sell up, compared to 6% who are now more likely to sell while 25% of owners in Cardiff and 23% in Glasgow would also be less likely to sell within the year.
Based on age, young home owners seemed split in their opinions, with 25% saying they’re more likely to move in the next 12 months, and 19% more likely to stay put. These figures were the highest based on age, which could suggest that young people take into account the effect of current events and the impact they have on housing very seriously.
Looking at the data for home improvements, 13% of home owners say they are more likely to carry out renovation projects on their current property due to Brexit and the recent election, up from 10% in 2016.
The research reports says that this highlights the increasing demand for home improvement and renovation projects, as well as the confidence home owners are experiencing when it comes to investing in their property.
When it comes to age groups, 18 to 34 year olds top the table for owners who are more likely to make improvements to their current property in the wake of recent political events at 33%. This is an increase of 50% on last year’s figure of just 22%.
Locations around the UK who say they are more likely to make home improvements due to the recent election and on-going Brexit negotiations are London at 39%, Cardiff at 20%, Edinburgh at 17% and Newcastle at 16%.
The statistics show London home owners have be most affected by recent political change with 39% more likely to carry out renovation work in their current property in the next 12 months, while 16% said they are now less likely.
‘Political events have all had a huge impact on home owners looking to either sell or renovate their property. There have been some interesting changes in demand over the last year, which indicate that the current state of the housing market has made home owners more wary, especially the younger generation,’ said Stephen Jury, spokesperson for Plentific.
