New breed of buyers looking to France
French property proving alluring to Brits
Monday, 28, Jul 2008 04:48
A new breed of younger UK buyers is looking for property in France, the long-time favourite property investment destination for Britons, says Property Finder France.
While the continent was once seen as a retirement destination, soaring domestic prices and close geographical proximity of France have seen it emerge as an investment destination of choice for first-time buyers.
"It has changed a lot in the past few years," explained Laura Sturgess, at Property Finder France.
"Whereas it used to be very much the retiring couple who were looking for somewhere nice to retire, now - with the property situation being what it is in this country - a lot of first-time buyers and younger couples are moving to France purely because it's cheaper and the quality of life is better."
The Association of International Property Professionals (AIPP) reports 25.4 per cent of all foreign properties purchased by UK buyers in 2007 were in Spain and 17 per cent were in France.
Furthermore, the average amount spent by British buyers on overseas property in 2007 was £99,200 - up one per cent from the previous year's £98,166.
This is well below the average UK property prices of £185,625, as reported by Halifax.
"They're looking at the metropolitan areas - the centre of France, near Paris and around that area - rather than looking at the typical south of France areas," added Ms Sturgess.
However, buyers must be careful in their selection of property on the continent.
"Whether you're planning to buy or build a house anywhere, you have to do your research into it," continued Mr Sturgess.
"The laws are different and obtaining planning permission is a lot different over there to what it is here. It depends how safe you want to play it really."
Chris O'Toole