A quarter of people in Wales admit Brexit is affecting whether they buy or sell a home.
Research commissioned by Principality Building Society (using the Beaufort Welsh Omnibus Survey) showed that interest rates (46%), job security (31%) and the actual costs of houses themselves (68%), were the main reasons to affect people’s decisions on moving or staying put.
Internet search engines (36%) were the most popular way for people to find information on homes, ahead of estate agents (29%) and family/friends and colleagues (22%).
When asked about housing schemes to help buyers in Wales, 40% said they had heard of the Welsh Government’s Rent to Own scheme, 34% had heard of the shared ownership scheme, while 39% had heard about Help to Buy ISA schemes. Just under a third (30%) were aware of equity loan schemes, and 29% home starter schemes.
Tom Denman, Chief Financial Officer at Principality Building Society, said:
“It would seem the uncertainty around Brexit negotiations means the signs are that homeowners are moving less and choosing longer fixed-rate mortgage deals in response.
“The rising cost of living, including energy bills and council tax, have added to demand for the security of fixed-rate mortgages. The preference for two-year fixes is being surpassed by five-year and longer fixes.
“UK Government policy has also had a big impact on the Buy-to-Let market, with landlords more circumspect about making the commitment to invest in properties due to tax disincentives.
“Despite the political and economic uncertainty, Wales has seen an average annual house price growth of 3.3 percent up to November 2018, although the number of sales are down by 1.4 per cent compared with the same period in 2017.”