Market uncertainty causes 29% of homeowners to put home improvements on hold
Story by
August 4, 2016
English street
Over a month on from the historic Brexit vote, research conducted by Mayfair Granite has found that over a quarter of homeowners have put home improvements on hold due to the market uncertainty after the EU referendum.
The study surveyed 1,009 UK homeowners over the age of 18, aiming to find out what the British public’s views were regarding home improvements after the Brexit vote. They found that 29% of those polled were holding back on big expenditures until the situation has stabilised.
Of the 71% that said the Brexit vote hadn’t put them off, a large majority of people said that they would only consider carrying out emergency home improvements or small DIY jobs instead of big expenditure projects. Ten per cent of those polled stated that they were thinking of relocating outside of the UK.
Neil Beard from Mayfair Granite commented on the survey results: “This survey shows that the Brexit vote has affected all parts of society, with many wondering what this decision means for the future of the housing market, money markets and job markets. It’s interesting to see that 10% of those polled were thinking of relocating outside of the UK; whether this is a knee-jerk response to the vote or not, it just shows the uncertainty that we are all experiencing right now.
“On June 23, the British people made the momentous and unprecedented decision to leave the EU. The KBB (Kitchen, Bedroom and Bathroom) industry as a whole was shocked by the outcome, however it is now up to manufacturers and brands like ourselves to maintain their competitive prices and to reassure the British people that it’s business as usual.”
