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Brexit fears do not affect homeowner demand

Brexit fears do not affect homeowner demand

Wondering how Brexit will affect the UK housing market, get information and news at First Choice Finance. Get opinions on where the UK mortgage and remortgage market may go.



 



Video transcript

New research commissioned by the Council of Mortgage Lenders has highlighted the perhaps surprising fact that the vote by the UK public to leave the EU has had little impact on people`s desire to own their own homes.

Carried out by YouGov in the days following the UK`s vote in favour of Brexit, the research asked UK adults to highlight their preferred type of housing - either owned or rented - right now, in two years` and in ten years` time.

The results showed that while many analysts had predicted there could be a widespread decline in homeowner aspirations as a result of the growing uncertainty surrounding Brexit, this was not actually the case.

According to the findings, the results remained largely stable in comparison to those last recorded in 2013.

Two years ago, 78 per cent of respondents to the same question said they would like to see themselves as homeowners ten years down the line. Right now, this figure stands at 80 per cent.

Meanwhile, there was some short-term impact on buyer aspirations, with slightly fewer people (72 per cent) hoping to be able to own their own home within the next two years.

It was a trend that was highlighted across all age groups, although aspirations did begin to wane slightly in the over 55`s.

At the same time, the CML was quick to point out that not all young people are aiming to own their own home either, with many preferring to remain in the rental market for the long term.

In a statement responding to the survey`s results, the CML said: `There are major questions about whether homeownership aspirations are realistic or sustainable, but fundamentally, the British love affair with homeownership appears to have survived Brexit.

The body concluded that `in a world with few certainties, this may be one worth holding on to as we navigate the uncharted waters ahead` 

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First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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