While many authoritative pundits agree that it is much too early to say with certainty what affect the Brexit vote will have on the kitchen and bathroom markets, there is an indication in a recent survey by Plentific, a home services website, that it is bringing a welcome boost to home improvements
Plentific’s latest survey of 2,000 adults has revealed that there is still uncertainty surrounding the housing market three months after the Brexit vote. 22% of homeowners have indicated that Brexit is affecting the likelihood of them moving in the short term; 10% of owners are now more likely to move home in the next 3 years, with 12% now less likely to uproot.
Plentific’s first survey, carried out immediately after the vote in June, revealed that London had a high percentage more inclined to make home improvements: 27% of property owners in London were looking to invest in their home rather than face the housing market.
Three months on, there has been a 50% rise in homeowners who are more likely to make home improvements in the wake of Brexit. These figures illustrate how, in this instance, the post-Brexit panic has subsided and the public are feeling more relaxed about spending money.
This change of heart is particularly apparent in the North East and North West of the UK where the number of homeowners likely to make improvements has more than doubled. 21% of owners in the North West are now more likely to attempt a home improvement project with the North East at 19%. Statistically, the North majority voted for Brexit which could explain why they are adjusting faster than the South.
Cem Savas, Co-Founder ofPlentific.com said: “We knew Brexit would have massive consequences for the UK housing market and our research shows that the public are still unsure of our future.
“Despite the fear-mongering and confusion which has surrounded the topic, Plentific’s statistics show that homeowners are now more relaxed about the idea of spending money on their property.”