Tag Archives: beautiful
French market not affected so far by Brexit vote
The decision by the UK to leave the European Union does not seem to have dented the French real estate sector with mortgage rates still low and currency differences still positive. Indeed, the vote coincided with a further drop for French mortgage rates to all time historic lows. These ultra-low long term fixed rates have in effect nullified the changes in exchange rates for British buyers and offer the opportunity to lock in long term value, according to John Luke Busby, private clients director at French Private Finance. He pointed out that a French repayment mortgage can now be found in the region of 2.15% fixed for 20 years nationally and perhaps down to 1.55% in Paris for some profiles. ‘This means that over a 20 year fixed rate mortgage period British buyers are now still ahead versus the highs of the pound against the euro last year,’ Busby said. ‘It is important to note that we have not had any withdrawals or cancellations on the basis of the referendum result from any of our ongoing applications. Whilst there will clearly be reflection around making new investment decisions in the French market for some UK buyers, investors from around the world are continuing with their purchases in France,’ he explained. ‘This trend is particularly noticeable in Paris where prices are starting to increase again, after a lull, and for investors earning in Dollars the euro is substantially cheaper. US dollar holders can now benefit from the double whammy of a strong currency and ultra-low interest rates,’ he added. Busby believes that overall there seems to be a quiet confidence emerging around the future of the UK economy whatever the result of the negotiations in Brussels or the UK Parliament. ‘There is confidence that, as of today, we remain in the EU so to all intents and purposes it is business as usual,’ he said. He also pointed out that all of the tax treaties relating to property are independent of EU membership for the British, who remain the largest non-resident buyers of French Property. Many regions in France are now starting to see growth in property prices, which herald larger gains once the EU economy can get going again,’ Busby added. ‘The mixture of the romance of French property ownership combined with soft property prices and ultra-low interest rates still conjure a compelling purchase proposition which is hard to ignore over the long term,’ he concluded. Meanwhile, one of the largest sellers of French property to British buyers has reported a 21% rise in sales in the first six months of 2016. Leggett Immobilier also says that since the referendum result enquiries have remained high with over 1,000 enquiries coming into the sales support team in the past seven days. Coupled with this Leggett Immobilier have had 34 offers accepted in the past week, a figure which is well above the weekly average. The firm’s figures show a 21% rise… Continue reading
UK dream home is in the South West and less than 10 years old
The UK’s dream home would be a four bedroom detached property by the sea in South West England that is less than 10 years old, according to new research. Indeed some 31% of those surveyed would like a modern home and a home in the countryside is a popular choice, which 39% said they’d like and just 6% said their perfect place would be in a city. The South West was the most desired part of the country to reside where 26% would choose to live, according to the research from AA Home Membership. However, the research also revealed that if money were no object, many people would choose to stay in their local area. For example, 69% of Scots say their dream home would be in Scotland and 71% of Welsh respondents would stay in Wales. But it wasn’t a trend that extended to the whole of the country. Some 35% of those living in the West Midlands would like to live in the South West while 29% would choose to stay put. Similarly, 20% of respondents living in the East Midlands would continue living there while 27% would also like to move to the South West. ‘This research shows that the British public largely agree about what they want in a dream home except for the location,’ said Helen Brooker, head of AA Home Membership. ‘It’s interesting that, if given the chance to live anywhere, many people would choose to live in the area where they’re from. But other than that, the South West is the most popular location in the UK. If everyone went there maybe it would become so crowded it would lose its appeal,’ she pointed out. The research shows that while younger people aspire to own substantial properties, older respondents have more modest ambitions. Home owners aged over 65 are the age group most likely to want a two or three bedroom home with 52% saying so. Those who live in the North West are most likely to say that their dream home would not be in the UK at 19% compared to 13% overall. Respondents also had strong feelings about the age of their dream property. Some 73% of respondents want a house that’s less than 100 years old and the likelihood of wanting a new property increases with age. Character properties that are more than 100 years old are not as popular as we might expect as only 18% would like to live in such a home. Adding to the appeal of a home in the South West is the hit BBC television series Poldark which had resulted in enquiries about homes in locations in Cornwall where it was filmed soaring. Estate agents report a rise in enquiries in villages, such as Charlestown, Gunwalloe and Porthgwara, according to property site Rightmove. Brian Deacon, sales and marketing director for Linden Homes, which have a development near Charlestown said reservations and visitor levels at the housing scheme have certainly increased… Continue reading
Next year looking optimistic for British buyers looking for dream home abroad
Interest from British buyers looking for property abroad in 2014 was driven by the strength of the pound against the euro and this continues to be the case, according to a new outlook report. It has been a year of contrasting halves with a surprisingly busy January followed by a difficult few months. The market only really picked up in May and June, says the report from Home Hunts which specialises in finding luxury homes and investment properties throughout France, Monaco, Geneva, London and New York. The firm is cautiously optimistic about 2015 and believes that the market should remain buoyant, particularly in the most sought after areas of France, however buyers are looking for a deal and sellers have to be realistic about prices. ‘We expect confidence to slowly continue growing in 2015 as people discover the flexibility of prices. The French General Elections in 2017 is likely to result in a change of government and savvy investors are taking advantage of the current favourable buying conditions to reap rewards later,’ said Tim Swannie, director of Home Hunts. ‘2014 was such a year of contrasting halves so we cannot predict a huge rise in property prices for 2015 but, we can confidently say the market should remain buoyant, particularly in the most sought after areas of France,’ he added. For Home Hunts, 2014 started strongly and January was the busiest month for about four years with 16 sales agreed and lots of interest from international buyers. ‘Bearing in mind that January is usually one of the quietest months of the year in terms of sales, we took this as a sign that things were set to explode,’ explained Swannie. But the market slowed. In France it started to pick-up again with busy months in May and June and this momentum continued into the summer months and with a lot of interest in July and August. The second half of the year saw even more interest, especially from UK buyers because of the strength of the pound verses the euro and this continues to be the case. ‘We have had buyers from all over the world including China, the Middle East, America, South Africa, Brazil, and Russia as well as all over Europe. We have also sold a huge range of properties such as apartments in Cannes and Paris, vineyards in Bordeaux, a chateau in Provence, waterfront villas on the Riviera and chalets in the French Alps,’ Swannie pointed out. He also explained that there has been no real pattern in nationalities of buyers, areas or property styles that our clients have been looking for, but the common factor in all of the purchases has been that every single buyer has been looking for a 'deal'. For example, clients are taking advantage of the current French housing market to find their dream home, in their dream destination, at their dream price. The properties selling at the moment are those which have either been put on the market very recently… Continue reading
