15 Jan, 2019/ by Homeward Legal /First Time Buyer
Thousands of first-time buyers are unwilling to commit to their first property purchase because of the ongoing uncertainty over Brexit. Financial services provider OneFamily has revealed that 136,000 newcomers to home ownership have put their plans on hold for the moment.
Their research show that more than half of all first-time buyers (55 percent) are convinced property prices will drop after the UK leaves the European Union on the planned exit day of March 29 this year. In such a scenario, many first-time buyers would get more bang for their buck.
Only 15 percent of first-time buyers quizzed by OneFamily said they didn't think Brexit would have any effect, negatively or positively, in house prices.
OneFamily also said that one in five (19 percent) first-time buyers say they could afford to buy their first home if house prices dropped by just 5 percent.
But three-quarters (75 percent) said the economic uncertainty of Brexit was putting them off becoming a homeowner.
However, one in five (22 percent) of newcomers to home ownership are ready to sign the deal to buy before Brexit.
Nici Audhlam-Gardiner is managing director of Lifetime ISAs at OneFamily. She said: "At times of uncertainty, it's always hard to know what to do.
"For many, market fluctuations as a result of Brexit could give them a golden opportunity to get on the housing ladder."