Research commissioned by property firm Ocea Group shows that over 1 in 2 (58.6%*) non-homeowners are worried that Brexit will make it even harder to purchase a house in the UK. With uncertainty over Brexit being delivered or even happening at all, on top of a housing market that is still out of reach of most, Brexit is making people even more fearful of the state of the housing market.
The main Brexit related findings from the research showed:
– Over 1 in 2 (58.6%) are worried that Brexit will make it even harder to purchase a house;
– Women (64.7%) are more worried than men (52.3%) about Brexit making it harder to purchase a house;
– The younger you are, the more concerned you are that Brexit is a barrier to owning a home, with 69.6% of 18-24 year olds worried that Brexit will make home ownership harder.
Commenting on the results of the research Justine Curtis, Director and Co-Founder of Ocea Group said:
“Home ownership is a very British thing and a foundation of the stability of our housing market. Brexit looks like it could be the brute that kicks the housing ladder out from right under the feet of first time buyers completely. These results clearly highlight how the majority of non-homeowners are worried Brexit uncertainty will make it even harder for them to get onto the housing ladder. Ocea is looking to address the concerns of first time buyers with our focus on converting office space into affordable and desirable homes.”
When looking at the split between genders, women (64.7%) are more worried about Brexit making it harder to purchase a house than men (52.3%). This suggests that women would rather stay in the EU believing that it will make it easier to buy their first home, which comes as little surprise given that the majority of women voted to ‘remain’ in the 2016 referendum**.
Millennials are also far more concerned than people older than them, with 69.6% between the ages of 18-24 worried that Brexit will make it harder to get onto the property ladder, in a statistic that reflects the outcome of the referendum in 2016, when the majority of young voted to stay in the EU**.
Glenn Delve, Managing Director and Co-Founder of Ocea Group added:
“It is interesting to see the big split between men and women when it comes to Brexit, as well as age groups and this largely reflects the way these groups voted back in 2016. It would seem that for ‘remainers’, Brexit is yet another big issue that is clearly compounding the concerns of non-homeowners, who feel that it is going to make it much harder to get onto the housing ladder.
“At Ocea we want to be part of the solution and aim to bring more affordable housing to the market by using the government’s Prior Approval Permitted Development scheme, which allows us to convert commercial property into highly desirable residential property. We are committed to helping address the housing shortage in the UK and assisting first time buyers in realising their dream of getting onto the property ladder, regardless of how Brexit pans out.”