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Brit buyers bounce back in France!
As property prices in the UK recover, Brits are using this new found wealth to dominate the French second home market again
Transaction volumes are continuing to fall, down from just under 15,000 in 2012 to just under 13,000 in 2013, but the average price paid and the amount of the loan advanced have both held up well – average house prices now stand at €448,000, with the average euro mortgage amount being €354,000.
But the real change was seen in the number of Brits who are once again buying second and holiday homes in France. One in four foreign property buyers was British in 2013, a rise of 5% over the past two years. British buyers are comfortably ahead of Belgian, Swiss and Italian buyers, who make up the next biggest groupings. Commenting on the figures Tim Harvey, managing director of French euro mortgage brokers (http://www.offshoreonline.org/
Whilst the most expensive parts of Franc e remain Paris, the ski areas and the Cote D’Azur, Brit buyers have shown themselves to be canny, securing far better value in the more rural parts of France, dominating purchases in the Loire, Charente and Limousin areas, accounting for between 70% and 80% of all foreign transactions here. In contrast, British buyers snapped up just 3% of homes bought in the Paris region by foreign buyers, 17% in the Alps and 10% on the Cote D’Azur.
With the European Central Bank having cut interest rates again in June to their lowest ever levels, mortgages in France (http://www.offshoreonline.org/
For information on French and other euro mortgages, please visit www.offshoreonline.org.