Home improvements on hold over Brexit
The home improvement plans of UK homeowners are on hold because of market uncertainty following the Brexit vote.
Research conducted by UK kitchen worktop specialist, www.mayfairgranite.co.uk, found that over a quarter of homeowners have shelved plans to do up their property this summer. The EU referendum vote prompted them to hold back on big expenditures until the situation has stabilised.
The survey of 1,009 UK homeowners asked: “Has the recent Brexit vote and market uncertainty made you less likely to do any home improvements this summer?” 29% stated that they had put off home improvements for the time being.
However, of the 71% that said the Brexit vote hadn’t put them off, a large majority of people said that they would only consider carrying out emergency home improvements or small DIY jobs instead of big expenditure projects.
The lower pound and higher prices were at the top of many people’s worries when committing to home improvements with 34% of the vote, while many were concerned about the housing market and markets in general after the referendum vote.
Surprisingly, 10% of those polled stated that they were thinking of relocating outside of the UK. Other reasons mentioned were a lack of money, would only consider emergency projects, and spending money elsewhere instead of the house.
Neil Beard, spokesperson for Mayfair Granite, said: “This survey shows that the Brexit vote has affected all parts of society, with many wondering what this decision means for the future of the housing market, money markets and job markets. It’s interesting to see that 10% of those polled were thinking of relocating outside of the UK; whether this is a knee jerk response to the vote or not, it just shows the uncertainty that we are all experiencing right now.”