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Almost one million house moves on hold due to Brexit

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Concern over EU withdrawal tops the list of reasons for stalling purchases, alongside difficulty getting a mortgage and job insecurity
Almost one million house moves on hold due to Brexit

Brexit uncertainty has caused 937,000 Brits to delay moving home, according to research commissioned by GoCompare.

The price comparison site discovered that 1.5 million people have delayed plans to move home in the last three years. And when asked what caused them to put their plans on ice, most (60%) blamed Brexit.

Other reasons people gave for postponing a house move included a lack of funds (33%), difficulty in obtaining a large enough mortgage (14%), affordability of housing (14%) and concerns over job security (12%).

Ryan Fulthorpe, spokesperson for GoCompare Home Insurance, said: “While there’s been much debate about how the UK’s departure from the EU will affect the economy and housing market – the full impact of Brexit is still a complete unknown. So, it’s understandable that the continued uncertainty surrounding when and how the UK will leave the EU is causing many people to put-off big financial commitments such as moving house.

“While some potential home buyers have decided to wait and see how Brexit pans-out, there are many who will want to get moving.”

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