The Effects of Brexit on the Housing Market in London and the U.S.
While the global effects of the "Brexit" -- Great Britain's voter decision to leave the European Union -- are yet to be determined, local effects on the housing market may already be underway as buyers and sellers both begin to brace themselves for an uncertain future.
"A recession certainly cannot be ruled out at this point," read a statement from the Center for Economics and Business Research. In the week-plus since the historic and surprise Brexit vote, consumer confidence has already plunged to low levels not seen since recession-ridden 2013.
The United Overseas Bank also issued a statement that reads more like a harbinger: "As the aftermath of the U.K. referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London proper...
