Are first time buyers holding back because of Brexit?
- Credit: Archant
Is political uncertainty putting off people making their first big purchase?
It might seem a gamble right now to be buying a home but Kaye and Adrian Nichols, from Kessingland, are determined to press ahead with their big purchase.
Currently renting for £500 per calendar month, they are in the process of buying a three bedroom Victorian terraced house in Oulton Broad for £137,500 after their offer was accepted last month.
MORE: The business of Brexit: what is the practical impact on the county's entrepreneurs?'You can't stop living your life while people are messing around in Parliament,' said Kaye, 34, who works as an HR advisor. 'It's not going to make any difference in my opinion. You've got to carry on with your life. Life is too short to sit back and let something that is out of your control affect your future.'
it comes as fears the political instability may cause house prices to plummet with the Treasury predicting a possible drop of up to 18% over the next two years.
However, undeterred, the Nichols viewed a terraced house on Victoria Road on December 1. 'As soon as I walked in, I knew I wanted it,' said Kaye. 'The estate agent said they would ring the seller and call us back. At 4.55pm, the phone went and he told me: 'you've got it.' I put the phone down and just cried.'
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The Nichols would like to get moving before Brexit has an impact but Kaye said she is in love with the house so much, she will wait. 'I would honestly wait until next December if I had to, it is the kind of house I can imagine living in forever.
However Kaiah Rush and her partner Elliot Rose have put off buying their first house. They were looking to buy in the city centre/south Norwich but have decided to stay in rental for the time being, finding a property on Sprowston Road for £700 per calendar month through DPS sales, lettings and property management.
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Kaiah, 23, a sales manager, said: 'We were looking at either two bedroom houses or two bedroom flats up to £210,000. What put us off were the inflated prices and lack of movement on the market and we didn't want to panic or buy in a rush our first purchase. We thought we would see what Brexit brings.'
They are not alone – research for financial services provider OneFamily recently found out of 1100 adults surveyed who were currently saving to buy their first home, only one in five will press ahead.