Nearly a fifth of Londoners are less likely to sell their home post-Brexit

Helen Cahill
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Londoners are likely to be holding onto their property over the next few months (Source: Getty)

Nearly a fifth of Londoners say they are less likely to sell their property after Britain voted to leave the European Union.

A survey of UK homeowners found an average of 12 per cent are less likely to put up a 'for sale' sign in the next three years - and the figure rises to 18 per cent of people living in the capital.

Read more: Business leaders lash out at government's lack of Brexit plans

Over a quarter of people in Bristol (26 per cent) said they are less likely to sell their property with the uncertainty of the Brexit negotiations lingering over the country.

Many people are more likely to stick with their current pad and do some DIY instead. Ten per cent of respondents in the survey by Plentific research said they would rather improve their home than sell it.

A quarter of young homeowners (18-34) said they would opt for home improvements over moving out.

Cem Savas, co-founder of Plentific, said: "Last week's result sent shockwaves through the UK, Europe and beyond. The value of shares for companies within the property market have already plummeted and Foxton's have also issued a profit warning which highlights what Brexit could mean to the UK property market."

Read more: Now London must "take back control", says London mayor Sadiq Khan

Foxtons issued a profit warning on Monday, saying the upturn they had been banking on for the second half of the year was unlikely to materialise after the country voted for Brexit.

Experts are predicting that Brexit woes will hang over the housing market until autumn at least; as Britain's political upheaval continues this week, business leaders and industry groups have turned on the government for failing to prepare for Brexit.

Savas said the research highlights how uncertain the coming months are for homeowners, which will impact buying and selling confidence, and drive demand for home improvements.

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