Brits putting off buying a home because of Brexit

Christina Hoghton
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Christina Hoghton

An estimated three million have decided to hold off amid the political chaos surrounding the UK’s withdrawal from the EU

The housing market has taken a hit, with 3.2 million British adults putting off buying a home because of Brexit, said Royal London.

The mutual insurer found that one in five Brits (19%) – about 10 million people – have put off making any big financial decisions because of uncertainty around Brexit.

Their caution even extends to holiday plans, with 3.6 million admitting they have delayed booking a holiday because of the unknowns surrounding the UK’s withdrawal from the EU.

And 23 per cent have put off buying a new car.

Glass half empty

There are now six pessimists for every optimist in Great Britain when it comes to the impact of Brexit on the nation’s personal finances.

Over a third – 36 per cent – of the population expect their finances to get worse (up from 32% nine months ago), while just 6 per cent expect an improvement (down from 8 per cent nine months ago).

A rise in the cost of food, a fall in the value of the Pound and a rise in the cost of energy are the main concerns among those who think their personal finances are set to worsen after the UK departs.

Becky O’Connor, personal finance specialist for Royal London, said: “Millions of people are rejecting the old adage of ‘keeping calm and carrying on’ and instead opting for caution and waiting for the outcome before moving on with their lives.

“With so much hanging in the balance, it is hard to blame those who choose not to commit a large amount of money to a new purchase. The research shows the lives of the Great British public are literally on hold, with new homes, cars and holidays all delayed. Some may perhaps be expecting a buying opportunity for their next house purchase in the coming months.”