A third of homeowners, who have moved since 2016, claimed that the deciding factor was growing Brexit concerns, according to new research from online mortgage broker Trussle.

Of those that have moved over the last three years, 18% said they felt “forced” to act after losing confidence in the UK’s housing market due to Brexit uncertainty. Though, 15% said their move was driven by a desire to live abroad.

Despite this, the number of renters who reported Brexit concerns as the primary reason for moving since 2016 is lower, at 12%.

Furthermore, the impact of Brexit varied considerably when taking age and location into account, with 40% of 18 to 39-year olds claiming that uncertainty since the 2016 referendum has impacted their property decisions. However, it has impacted just 12% of those over 40.

Regionally, just under 40% of Londoners stated that Brexit-linked uncertainty has affected their property decisions, while it impacted just 6% of those living in Yorkshire, 8% in the East of England and 11% in the North West.

Of the 19% that said they have applied for a mortgage in the past three years, almost a third claimed that the process was made more difficult as a result of the drop in confidence in the housing market linked to Brexit.

Trussle revealed that approximately one million homeowners have put selling their home on hold, amid fears the economic climate will result in a low return of investment.

However, there are now considerably more people planning to move home in the next three years (21%), compared to those who’ve moved since 2016 (18%).

This claim from the mortgage broker is supported by the latest UK Finance data, which found a 4.6% increase in new first-time buyer mortgages compared to a year ago, and a 2.8% year-on-year increase in homemover mortgages. Meanwhile, remortgaging activity recently reached its highest peak in nine years.

Commenting on the findings, Trussle CEO and co-founder Ishaan Malhi said: “People have been discussing the Brexit-effect on the housing market since the EU referendum, and have continued to speculate about what lies ahead for our future economy.

“It’s alarming to think that so many homeowners cite Brexit as their main motivation. Add to that the one million homeowners who aren’t putting their home on the market due to uncertainty - and the picture initially appears pretty bleak.

“But, despite the UK’s post-Brexit landscape being no clearer, there are plenty of positive signs of movement elsewhere. Remortgaging activity recently reached its highest peak in nine years and more people are considering a move in the next three years.

“In many ways, the housing market’s proving its resilience in the face of uncertainty. As the future becomes clearer, we could see it turbocharged.

“In the meantime, the industry should be going above and beyond to offer the best possible advice and reassure current and future homeowners during this ongoing period of uncertainty.”

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