The UK is bracing for BREXIT, the biggest shakeup in years. We are currently traveling in England and there really is no sign of any distruption. The occasional protestor will walk by with a sign that is complaining about some action by the UK government regarding BREXIT.
However, after digging deeper it is clear that people are worried. The housing market in particular is starting to cool rapidly. Very few high-end London homes are selling. The uncertainty about BREXIT is causing investors to flee the UK. We are checking out Surrey and the real-estate here is still pretty expensive - $1MM+ for a decent family home! If this is a bad market, I would hate to see how expensive it was before the BREXIT induced turmoil.
Apparently the people buying at the moment are getting quite good discounts throughout the country. It should be quite interesting to see how the prices drop after October 31st (BREXIT date). Analysts are predicting a minimum 5% decline in property prices if a 'no deal' BREXIT comes to pass.
This situation could lead to an influx of American investors after BREXIT. The strong dollar to pound conversion rate and a discount property market is a double whammy for property investors looking to buy! We are checking out some investment properties to keep an eye on in the event of a bad BREXIT reaction in the property market.
Who knows, maybe everything is priced in for the worst case scenario and after BREXIT everything will recover a little. We will just have to wait and see!
In my opinion, BREXIT will and has been affecting the US financial markets - how could it not since London is the second biggest financial center in the world! Like it or not, BREXIT will most likely affect the western world significantly.
Some analysts suspect that the silver lining to BREXIT is that the volatility/uncertainty is likely keeping interest levels lower than they would be without it.
As the British brace for BREXIT impact, I hope that some will check out ways to make that week pound go further! Here are some articles that can help you if you need to save money on travel or just accumulate a little bit more cash in these hard times.
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