As Theresa May prepares to bring her Brexit deal back to the table for the fourth time, the British public are clearly now so fed up with the continuing chaos that 3 times as many people would prefer to see the UK leave the EU with no deal than accept the terms of the Government’s deal, according to new research by KIS Finance.
From undertaking a YouGov survey of over 1,700 Brits, KIS can reveal some surprising findings.
When asked if they would rather remain in the EU or accept the Government’s deal:
•61% of those who confirmed they would vote and currently have a preference, stated they wanted the UK to remain in the EU.
We then asked if they would rather remain in the EU, accept the Government’s deal or exit the EU with no deal. Given these three choices:
•53% of those who confirmed they would vote and currently have a preference wanted to remain in the EU, but:
•3 times as many people (34%) confirmed they would vote for a No Deal exit rather than accept the terms negotiated by the Government (12%).
What has become clear from the research is that people want an end to the uncertainty, even if this means taking the drastic step of leaving the EU without a negotiated deal, rather than accept the compromise of the current deal on the table.
The research also uncovered that 1 in 10 Brits blame Brexit for why they’ve delayed making key financial decisions.
•1 in 10 have put off important financial decisions, such as buying their first home, moving house, spending money on home improvements, investing and making major purchases such as a car, until the future of Brexit is clear.
•In London this figures rises to 1 in 5 who have delayed key financial decisions as a direct result of Brexit.
•In Wales, 1 in 6 (15%) have been affected and in Scotland 1 in 7 (14%) have postponed major financial decisions, clearly showing that this is a nationwide issue.
KIS Finance have produced a further report which looks at how the finance sector has been hit by Brexit paralysis and the impact that people delaying their expenditure has had on different forms of lending.
•Housing markets feeling the squeeze – 2% fall in house sales in 2019 predicted by the Office of Budget Responsibility.
•Royal Institution of Chartered Surveyors described the outlook for house sales in London as the most negative for the last 20 years.
•Increasing caution by developers not to over commit themselves has led to net housing additions around 26% below the government’s annual target of 300,000 new homes a year.
•Forecasts from the Construction Industry Training Board (CITB) and Experian predict that growth in the private housing sector could fall to 0% by 2021.
•Demand for Bridging Loans increasing as a way of weathering the current storm
•Lenders tightening loan to value criteria making borrowing more difficult
•Funding lines squeezed as overseas lender, especially those from the USA, withdraw funds from the UK.
Holly Andrews, Managing Director at KIS Finance says:
“We’ve seen a definite increase in the demand for re-bridging finance as properties are not selling as quickly. We are also doing more re-mortgages now than we were before due to people choosing to stay put and sit out Brexit uncertainty.
To date, we’ve not seen any rate changes related to Brexit on the mortgage front, but with bridging, the Loan to Value limits are dropping with some lenders and underwriters being more cautious with their lending decisions. The longer the whole Brexit debate continues the more significant the problems for the finance sector will become”
Notes to editors
•KIS Finance Report: Our survey makes it clear – Brits now want to Remain
•KIS Finance Report: The Brexit Paralysis Effect – Why Brexit is causing people to delay making financial decisions
Sources of data
•All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,787 adults. Fieldwork was undertaken between 23rd - 24th April 2019. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). Figures stated relate to respondents who expressed a preference and have been adjusted not to include those who responded as ‘don’t know’, ‘wouldn’t vote’ or ‘refused’.
•Original YouGov Data - https://www.kisbridgingloans.co.uk/finance-news/no-deal-more...
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