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|British home buyers bounce back after Brexit|
|Thursday, 11 August 2016|
Following the shock EU Referendum exit earlier this year, the slump in the Sterling and economic uncertainty, Brits are showing their resilience in the housing market with around 70% claiming that these factors have not affected their decision to buy or sell property.
New research by comparethemarket.com found that half of UK home buyers or sellers, are bouncing back and are extremely or fairly confident, in the UK property market after BREXIT.
With 34% of young home owners (25-34 year olds) feeling optimistic about their position on the property ladder, expecting a fall in property prices in the next 12 months.
Looking on the bright side
First time buyers are feeling confident about the current property market with 20% believing the impact of BREXIT, could make taking their first step on the property ladder easier. They have been quick to use this to their advantage, with 43% of 18-24-year-old home buyers wanting more bang for their buck and would be happy to offer lower than the asking price to get the best deal.
There is not only confidence with young home buyers and sellers. Around 60% of 55+ year olds are confident in the UK property market suggesting that they have not been deterred by the BREXIT to downsize or make a move to their dream home.
It is also men who are shopping around for the best deal with around 35% of savvy barterers feeling confident to negotiate on the asking price.
Brits competitive edge remains
Despite many Brits keen to strike profitable deals, house sellers are just as determined to ensure that they are getting the best price for their property with 63% of sellers refusing to reduce their asking price by 10%.
With nearly a fifth (17%) of Brits believing that the price of UK properties has already decreased post the dramatic turn of events in June, home sellers are keen to ensure they get the best deal.
As the property market looks forward to the year ahead and Brits stay positive about the opportunities home owning and selling has to offer, it looks to be an exciting and competitive future ahead for the UK property market.
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