On the day that the UK triggered Article 50, signalling its exit from the European Union, YouGov research commissioned by credit information provider, Equifax, reveals that Scots top the ranking when asked if they think Brexit will cause house prices to increase.
In the research conducted in February 2017, 39% of people living in the Midlands said they think the average cost of buying a home in the UK will increase as a result of the country’s exit from the European Union. Scots were the highest percentage in the UK with 44% saying they think that prices could go up.
It seems that Londoners are the most worried about Brexit having a negative effect on property prices, with 18% saying they think the average cost of buying a property could decrease. Just 9% in the North, Midlands and East think prices will fall as a consequence of the UK leaving the EU.
The North/South divide is also evident in the YouGov research when it comes to the younger generations being able to get on the property ladder. 60% of Londoners strongly agreed that ‘young people (16-24) today will generally be unable to get onto the property ladder without a considerable amount of financial support from their parents or grandparents’. 48% of those living in the South strongly agreed with this statement.
39% of respondents from Wales and 41% of respondents from Scotland and the North believe that young people will need assistance from family to get on the property ladder. People living in the Midlands seem the least concerned, at 38%.
Equifax is urging prospective homeowners to understand the importance of their credit information in the mortgage application process. “The reality is that mortgage lenders will take a good look at a person’s financial situation when assessing an application,” explained Lisa Hardstaff, credit information expert at Equifax. “This includes looking at information on their credit report.
“If they have missed or made a late payment on a credit or service agreement, this could be a cause for concern for prospective lenders. Also, having too many credit agreements could indicate that a person is financially overstretching themselves. Too few, however, and a lender may find it difficult to assess how the person will perform when it comes to repaying their mortgage.
“We would therefore suggest that anyone considering applying for a mortgage should check their credit report at least six months before submitting their application. This will enable them to ensure that any changes that might need to be made – such as updating their electoral registration or making sure the data in the report is correct – are done before a mortgage application is made.”
Home buyers can get a copy of their Equifax Credit Report, which is accessible for 30 days free simply by logging onto www.equifax.co.uk/Products/credit/credit-report. If customers do not cancel before the end of the 30-day free trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. The service also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.