Brits are feeling confident about the future of the UK property market even in light of no-deal Brexit predictions, research from Quick Move Now has suggested.
Just 23% of the public believed Brexit would have a negative impact on property prices compared to 33% of respondents who felt property prices would remain steady and 42% saying they will rise.
When asked about property price predictions over the next five years, the number of people who expected to see a rise in property prices increased to 52%, highlighting the optimism from the British public.
The research surveyed members of the public in a wide range of housing circumstances – both homeowners and those renting. Homeowners who owned their first property outright (68%) and homeowners with mortgages (70%) were the least positive about market growth.
Some 74% of those renting, but with a desire to own, also predicted stable or rising property prices, followed by those who own a mortgaged property that is not their first property (75%), those who are renting with no current desire to own (80%), those who own a property outright that is not their own first property (80%) and those who are currently living with parents (86%).
In terms of age, market optimism was fairly consistent, though those aged 25-34 were the most reserved with their predictions of market strength.
Danny Luke, managing director at Quick Move Now, said that he hopes the public is right, yet there are several indicators that require consideration.
Things such as the recent interest rate increase, a report from Rightmove suggesting that property asking prices are falling, national statistics showing an 8% reduction in the number of property transactions, and predictions from the Royal Institution of Chartered Surveyors (RICS) all suggest that the British public may be a ‘little overly optimistic’, he said.
“A much more likely outcome appears to be a subduing of the UK property market. Although I hope it is not the case, should there be any more ‘bad news’ from Brexit or elsewhere, I fear we may see a much less positive public, and a real impact on UK property prices.”