Ever since Britain voted to leave the European Union last year, there has been a major effect across the world financial markets.
Florida has strong ties with the UK, thus it has experienced uncertainty across various sectors, such as tourism, real estate, and trading industries.
According to Reuters the effect of Brexit was evident on the world’s stock exchange, which left many Florida residents worried about what would happen next as Britain has now started its exit process.
There are other several possible negative effects that have been brought about by Brexit, such as traveling to the US state may become more expensive for UK residents, US products may increase in price due to exchange rates, and real-estate investments may decline as UK-based buyers suspend their plans of buying vacation homes in Florida.
However, for Brevard County, Brexit may have the complete opposite effect particularly in the mortgage and real estate markets.
“We have great news for interest rates,” explained Bobbie Dyer, Division President of Dyer Mortgage Group.
“Brexit is driving a flight-to-quality that we have not seen for some time. Although rates have been low for the past five years, current mortgage rates have fallen drastically.”