Britain leaving the European Union may be reaping havoc in Europe but Brexit is projected to have minimal impact on the United States and especially on the Arizona housing market.
Michael Orr of the Cromford Report shares his thoughts on the impact Brexit will have on our local housing market.
Among the possible minor impacts:
- interest rates are more likely to stay low
- interest rates are more likely to change slowly
- the luxury market may take a small temporary hit due to perceived risk in the stock market
- businesses highly dependent on exports to Europe may see lower revenues due to currency fluctuations (there are very few of these in Arizona)
The Greater Phoenix housing market is in an expansionary phase and demand from the UK is barely noticeable at the best of times. Demand from the whole of Europe is very small. So any fall in demand from Europe will be barely detectable.
Source: Michael Orr of The Cromford Report