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 three 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:
•Three 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 one in 10 Brits blame Brexit for why they’ve delayed making key financial decisions.
•One 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 one in five who have delayed key financial decisions as a direct result of Brexit.
•In Wales, one in six (15%) have been affected and in Scotland one in seven (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 (RICS) 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 said, “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”