Brexit has not disrupted Britain’s strong housing market

06 Nov 2019

BrexitMost active home sellers in the UK are unperturbed by the political turmoil surrounding Brexit this year.

According to the latest findings by Jackson-Stops, only 14% of active home sellers in Britain believe a no-deal Brexit would have a significant effect on their selling stance. 

More than 1,100 clients participated in the survey conducted by the estate agency, in order to better recognise the repercussions of both Brexit and stamp duty on current property transactions.

Despite recent reports indicating that potential sellers are being thrown off by ‘short-term political uncertainty’, Jackson-Stops’ most recent stats reveal that 70% of homeowners have not been deterred from selling their property in 2019. 

Although the Brexit deadline has already been twice delayed, now postponed to January 2020, this figure is only 9% lower than the agency’s previous research conducted in 2017, when it stood at 79%. 

The data also showed that in case of a no-deal Brexit, almost four out of 10 participants (39%) said it would have no effect on their property buying decisions. 

On the other hand, only 14% of people believe a no-deal scenario would strongly impact their decision to sell their home. 

Of all the respondents, 60% stated that relocating is not an option, adding that they would not consider leaving Britain or purchasing a second home overseas in the event of a disruptive Brexit.

Less than 4 out of 10 people (roughly 37%) said they would consider the option of moving outside of the UK as a result of Brexit, while only 3% are currently undergoing a relocating process or purchasing a second home abroad.
Jackson Stops’ chairman, Nick Leeming 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.

“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.”