Half of home owners want to push through property deals before Article 50 triggers Brexit, claim

Almost half of home owners currently buying or selling a property are planning to push through their transactions before Brexit is officially triggered using Article 50.

That is the claim by removals service Bishop’s Move.

Despite there being no official date given for when Article 50 will be triggered, if it is used at all, an external survey of 1,200 home owners commissioned by the company found that 45% are attempting to push through their deals.

A further 13% of respondents told polling firm Censuswide that they have now cancelled their transaction altogether following the vote to ‘leave’ the European Union.

Regionally, 55% of Londoners have said they want to get their transaction done before Article 50 is triggered. This is compared to 36% in Brighton, 32% north of the border in Edinburgh and 28% in Norwich. The East Anglian city had the largest portion of people who have now cancelled their house move altogether, at 22%.

The survey asked:

  • As you are purchasing or selling a property, do you want to rush through the transaction before Article 50 is published?’
  • Yes, I would want to rush through the transaction and get it done before Article 50 is triggered
  • No, I would actually delay my property transaction until after Article 50 is triggered
  • No, I would cancel my house move altogether

However, the same research showed that many people either had no idea what Article 50 is or what impact it might have.

A quarter of those aged 55 and over and 23% of those aged between 45-54 said they either didn’t know what Article 50 is or they weren’t sure how its arrival will impact their property deals.

Chris Marshall, sales and marketing director at Bishop’s Move, said: “Significant policy decisions have a history of severely impacting regional and national housing markets.

“Our own research previously found almost a quarter of those looking to buy and sell a property delayed their move by up to four months in order to wait for the outcome of the last General Election.

“It is a concern that people are attempting to rush through their moves before Article 50 is triggered as this could be two years away.

“I’m also concerned and very surprised that some have cancelled their move altogether. The last thing the property market needs now is for it to slow down.

“There are already fewer properties currently available ‘For Sale’ compared to three years ago with reports suggesting potential buyers outnumber sellers tenfold, which makes those selling think they can hold out for the higher price.

“Usually the market would resume as ‘business as usual’ once big policy decisions are out of the way.

“However, home owners may now have a prolonged period of uncertainty between now and when Article 50 is triggered, whenever that may be.”

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5 Comments

  1. Mark Connelly

    A survey found that sellers would like the transaction completed ASAP. And the winner of “the most remarkable gift for the obvious, goes to”

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    1. Eamonn

      Can’t agree more.

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    2. NewsBoy

      All you need for a nice headline is to make sure you ask the right questions, in the right way, to get a useful answer.

      Of course every buyer and seller wants to get their sale through quickly!

      What an amazing piece of research!

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  2. Property Paddy

    I did a survey of my local clients and I asked “do you want to move home again before you die”?

    Surprisingly many did want to move

    However for some of my clients I was a little late !!!

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  3. mrharvey

    “…an external survey of 1,200 home owners commissioned by the company found that 45% are attempting to push through their deals.”

    Therefore, 55% NOT attempting to push through before Article 50.

     

    “However, the same research showed that many people either had no idea what Article 50 is or what impact it might have. A quarter of those aged 55 and over and 23% of those aged between 45-54 said they either didn’t know what Article 50 is or they weren’t sure how its arrival will impact their property deals.”

    Are any of these the same people who are attempting to push through their deals?

     

    ““It is a concern that people are attempting to rush through their moves before Article 50 is triggered as this could be two years away”.

    And this is just laughable.

     

    The only thing this report offers comprehensive data about is the gullibility and cluelessness of the British electorate.

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