Potential movers still undeterred by Brexit

Prospective home movers have been active in January and are failing to be put off by Brexit and last year's interest rate rise.

This is according to moving website reallymoving.com, which saw its traffic rise by 15% in the first week of January when compared to the same period in 2017.

First-time buyers, likely to be buoyed by the recent stamp duty cut, accounted for 55% of all conveyancing registrations on the site during the first week of the year.

In the capital, first-timers accounted for 64% of buyer registrations.

"Such strong activity in the first week of the year shows that people are taking a pragmatic approach to their property needs," says Rob Houghton, chief executive of reallymoving.com.

"Factors that commonly trigger home moves, such as growing families and new jobs, are still happening and there is little indication of any dramatic change to house prices this year. People are realising that Brexit is a long haul and despite an uncertain economic outlook, they are just getting on with moving if it’s the right thing for them." 

"First-time buyers are noticeably active, with many will be hoping to squeeze in before entry level prices start creeping up as a result of the Chancellor’s stamp duty giveaway," he adds.

"London’s first-time buyers in particular are keen to take advantage of a ‘perfect storm’ of falling prices, cheap loans, lower or non-existent stamp duty bills and continued investment in the Help to Buy scheme.”