An upcoming referendum in the United Kingdom – and its impact on the Central Florida housing marketTerry Riffe | March 22, 2016
ORLANDO —There is an upcoming referendum in the United Kingdom, here is the impact it could have on the Orlando housing market. In most instances, uncertainty is anything but a friend to the real estate market.
If someone is worried about their job, they don’t buy. If they have rising medical bills and don’t know how costly they’re going to get, they hold off on that crucial decision of whether or not to purchase a home. Even a relationship turning sour can keep a buyer from contacting a real estate agent.
But for residents of the United Kingdom, a growing degree of uncertainty leading up to June 23 holds out the potential to make the real estate market seem considerably more attractive – although not in their native country, but in the U.S. An upcoming vote on the future of the United Kingdom’s role in the struggling European Union has already had an impact on the local real estate market – while at the same time, making an investment in the American housing market not only looks more attractive, but financially safer.
An Flamand, the owner and broker at An Flamand-Orlando Vacation Realty, noted that this situation has created uncertainty in the EU — and uncertainty in the second home market. The real estate brokerage based in Orlando, Florida understands the international market and the reasons why so many European buyers are now looking across the ocean to the U.S. when it comes to purchasing a second home. In contrast to all the political uncertainty happening in Europe, Flamand noted, the U.S. – and Central Florida in particular – offers an oasis of strong investment opportunities.
As Flamand noted, England is at something of a standstill at the moment – and has been ever since UK Prime Minister David Cameron announced the country would hold a referendum on Britain’s role in the European Union. Scheduled to be held on Thursday, June 23, it’s a vote on whether to stay in the EU — an economic and political partnership involving 28 European countries which has grown to become a single market with its own currency, the euro, used by 19 of the member countries. The EU also has its own parliament and sets rules in areas ranging from the environment to transportation to consumer rights.