Research performed by OneFamily suggests that 55 per cent of potential first-time buyers who already have a deposit are taking a wait-and-see approach to buying property in the belief that prices will fall after Brexit.
The company claims that this is the equivalent of 136,000 would-be borrowers, 75 per cent of whom cite uncertainty as a specific reason for not purchasing.
The report also shows that 22 per cent of FTBs plan on buying their chosen house before the 29 March exit date, with 29 per cent of these saying that they don’t mind losing money on an ideal property, 22 per cent that they have waited long enough, and 15 per cent of the opinion that Brexit will not affect property prices.
Of those who can’t afford a property and hope that the UK’s exit from the EU will bring down prices, which accounts for 57 per cent of people polled, 19 per cent reported that a drop of 5 per cent would be sufficient, while 30 per cent hope for price falls of 10 per cent.
OneFamily manging director Nici Audhlam-Gardiner says: “At times of uncertainty it’s always hard to know what to do, and many would be homeowners would benefit from the reassurance of speaking to a financial adviser to help them understand the options available to them.
“While any market fluctuation as a result of Brexit could give FTBs a golden opportunity to get on the housing ladder, it could just as easily make it harder.”