FIRST AIRED: July 2, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

Business

Brexit woes wash away Brits’ Florida dreams

Opening sequence

Opening sequence

Business

Brexit woes wash away Brits’ Florida dreams

0:00
17:15
More Info

COMING UP:Brexit woes wash away Brits’ Florida dreams

×

Transcript

00:00:00
>> As the British hash out how to exit the EU, the impact is being felt as far away as Florida. A popular travel spot for Brits, vacation home sales there could take a hit, due to a drop in the value of the pound. Especially in Orlando, where the British are the largest group of foreign buyers.
00:00:21
Reuter's Herb Lash explains.>> Disney is there, it's cheaper than say the Coast Miami. The pound is down about 10%, that's enough if your purchase price is $280,000. You have to put up $28,000 more, for a lot of people that's significant. That means even if you're in contract, that means that home sale will probably get busted.
00:00:43
>> Orlando has long attracted Britain's middle class, who account for nearly 30% of non-US buyers. They typically spend 12% more on a house than their American counterparts and like most foreigners pay mainly in cash. Local grocery stores even stock traditional British brands of biscuits and tea.>> People have become quite aware that the Brits are there.
00:01:07
They use the expression the Brits, I wouldn't be surprised if they say Bob is my uncle.>> Or Bob's your uncle, as the expression actually goes, which basically means everything is all right. Except in this case it's not, unless you're a Brit on the other end of a Florida home sale.
00:01:23
>> There is a flip-side to this, if you bought several years ago in Orlando? You're gonna do pretty well if you decide to sell. In particular, three years ago, perhaps you paid 230 whatever the price is less than now. With that 10% rise, when you convert back the pounds from dollars, that's a reason to sell.
00:01:42
SOUND]>>
Orlando of course, struggling through some very difficult times. The Pulse Night club shooting and death of a boy in an alligator attack at Disney World. Wilters hoping any softness in the housing market will only be short term.