The cost of living is the biggest worry for UK consumers (60%) following the UK’s decision to leave the European Union, according to research from specialist lender Together.
This was followed by job security, with 30% citing that as a concern. Despite the initial uncertainty in the property market prompted by Brexit, only a quarter of those surveyed were concerned that property prices could fall.
Together surveyed 2,000 consumers across the UK to understand their views on the impact of Brexit on their personal finances and found that whilst the outlook for the property market was positive overall, consumers were concerned that they would find it more difficult to access finance.
The findings indicated that 31% are concerned they will not be able to borrow as much from their high street lender and nearly a third of consumers believe it will be harder to secure any mortgage following the Brexit vote. When asked about the mortgage application process, 32% said they think they will face more stringent credit checks following the UK’s decision to leave the EU.
Pete Ball, chief executive of retail at Together, said: “Our survey confirms that there’s still uncertainty in the wake of Brexit, with the cost of living the biggest concern, but the majority of people still have confidence in the value of their property.
“As national data has shown, house price growth has not abated, whilst recent debates on property versus pensions have reignited the discussion on where it’s safest for consumers to invest their money. With leading economists advocating the former as the best bet, this attitude is likely to buoy the market moving forward, despite the reported slow-down seen in July.
“Looking at our research findings, there are also clearly concerns around the ability to access finance following the vote to leave, although this will apply more to the traditional finance providers, rather than specialist lenders such as ourselves, as we routinely deal with customers that fall outside of the mainstream lenders’ target market. Unlike many traditional lenders, we don’t base our decisions on a credit score, but apply an individual approach, assessing each case on its own merits.”