A recent study has found that 12% of homeowners (a figure of 1.7m) are now less likely to sell their property in the next 3 years following the result of the EU referendum.
The study, by Plentific.com, found that 10% are now more likely to carry out home improvements rather than sell. One in four homeowners aged between 18 - 34 are more likely to refurbish rather than relocate, with 23% saying they were now less likely to sell over the next 3 years.
The survey also showed that homeowners in London are now the least likely to move, with 18% confirming they are less likely to sell in the next 3 years, 50% higher than the national average of 12%.
Plentific co-founder Cem Savas said: "Last week's result sent shockwaves through the UK, Europe and beyond. The value of shares for companies within the property market have already plummeted and Foxton's have also issued a profit warning which highlights what Brexit could mean to the UK property market.
"The Plentific research shows a level of uncertainty for homeowners which will impact buying and selling confidence plus continue the drive the huge demand with home improvements."