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First-time buyers adjust buying plans over Brexit

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Written by: John Fitzsimons
31/07/2019
Uncertainty over the UK's withdrawal from the European Union is starting to impact the housing market
First-time buyers adjust buying plans over Brexit

Almost half of prospective first-time buyers have changed their property buying plans because of Brexit.

That was according to a report from Aldermore, which found that 24 per cent had delayed buying a property because of the political uncertainty. This may not be a temporary pause either, with 16 per cent saying they had put their buying plans back by at least 12 months.

For some the Brexit situation has served as motivation to get things moving though, with 22 per cent saying the impasse has caused them to bring forward their plans to buy.

Buyers in the capital have been particularly affected by the ongoing negotiations, with 63 per cent changing their homebuying plans.

The first-time buyer’s employment situation is also a factor. More than half of self-employed borrowers have made changes to their buying timeline.

Extend Help to Buy

Aldermore also surveyed buyers on how the government could help them get onto the housing ladder. Extending Help to Buy to cover more than just new build properties was the most popular option with 21 per cent of respondents agreeing.

This was followed by 19 per cent calling for the introduction of a rent to buy scheme.

Damian Thompson, director of mortgages at Aldermore, said: “Owning a home is a long-term investment that’s likely to outlive current short-term political ambiguity and economic conditions; even if they may cause frustrating delays or changes to house buying plans.

“There will always be economic ebb and flow and, within that, temporary periods of uncertainty in a housing market that is ultimately cyclical in nature.”

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