Affordability pressures and economic uncertainty continue to shape public views on Brexit and housing, study shows
Half (50%) of British adults believe Brexit has damaged the housing market to some degree, according to new research from specialist mortgage lender Together.
The survey found that 28% of respondents said Brexit harmed the housing market "a lot", while a further 22% said it harmed it "a little". By contrast, only 24% believed Brexit had ultimately helped the market — 9% said it significantly improved conditions, and 14% said it helped only marginally.
Regional sentiment varied considerably. Respondents in Scotland (47%), the North East (37%) and the North West of England (33%) were most likely to say Brexit had caused significant harm. Only 19% of Londoners and 11% of those in the West Midlands said it helped boost the market.
"Ten years after the Brexit vote, many consumers continue to associate the period with economic uncertainty, and that is often reflected in attitudes towards the housing market," said Scott Clay (pictured right), director at Together.
"While it's difficult to isolate Brexit from other major events we've experienced over the past decade, including the pandemic, inflation surge and rapid increases in interest rates, and, more recently, tensions in Iran cooling buyer confidence - the reality for many households has been higher borrowing costs and greater affordability pressures over the past decade.
Clay added that Brexit had introduced new trade barriers, supply chain friction — directly affecting the cost of new builds — and a reduction in EU construction workers.
"These factors, coupled with more recent increases in red tape, may have hampered the viability of many housing developments, with continued weak demand threatening the government's target of building 1.5 million homes by 2029," he said. "These findings highlight ongoing concerns related to economic stability and raise the issue of reduced consumer confidence and investment hesitancy in the housing sector.
"While overall UK property prices have remained relatively stable, defying doom predictions that the market would crash post-Brexit, London in particular has seen cooling due to a drop in international buyers and EU nationals. This has led many developers, investors and home buyers to look to the North and Midlands for better value."
Clay also noted that mortgage rates had become more stable over the past year, with lenders continuing to support borrowers through a wider range of flexible products.
"Ultimately, the long-term health of the housing market will depend on affordability, housing supply and economic confidence," he said. "Those are the factors that will have the greatest impact on homeownership opportunities over the next decade."
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