Self-builders boost confidence in property market post-Brexit
Published November 15th, 2016
Despite fears that Brexit would create a prolonged air of uncertainty in the property market, a recent survey reveals that 83.3 per cent of self-builders in the West Midlands are continuing with their building projects and only 2.8 per cent have decided to cancel, signifying a more positive long-term outlook.
The research, undertaken by The Homebuilding & Renovating Shows, also demonstrates that over 40 per cent of local participants were convinced that the recently lowered interest rates have potentially boosted confidence and that this would mean more people will take up projects.
More than 30 per cent of the respondents currently have a project in progress and over 80 per cent stated that improving their home was too important and the project would be completed despite the ups and downs of Brexit.
Over 75 per cent of those questioned said that they felt positive about current or future housebuilding projects and 62.5 per cent said that they have confidence in the housing market to remain stable post Brexit.
Michael Holmes, spokesperson for The Homebuilding & Renovating Shows, says: “We initially predicted that the referendum would create a temporary lack of confidence and a slight pause while people sought more visibility on the direction of the economy and the housing market. In addition, we knew that with the devaluing of the pound post-Brexit, imported materials were going to cost more which could potentially drive up construction costs.
“However, the research is more positive than we anticipated and demonstrates that those with a project already underway, or very close to starting, have decided to carry on with their plans regardless.
“My advice for those that see their home as somewhere to live and a long term project is to carry on as normal. Fluctuations in costs are a secondary consideration, so having the right home should come first and foremost over any short-term gain. Even at our latest exhibition in September, The London Homebuilding & Renovating Show, there was an extremely optimistic feeling with attendance from over 21,614 visitors throughout the event – representing an 11 per cent year-on-year increase.”