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Property investors Buying British in France

19th June 2009 | back to article listings BACK    print this article PRINT

In recent months sections of the media have noted that a number of British ex-pats in France have decided to end their adventure and move back to the UK. In most cases, the reason for this has been financial, with the unfavourable exchange rate taking a heavy toll. Yet it seems that the traffic is anything but one-way.

Of course, lifestyle and other considerations can also lead to people moving back across the channel. Financial strain, for instance, is hardly likely to be an issue for David and Victoria Beckham, who according to the Sun are keen to sell their £1.5 million mansion in the Var and buy a new pad in London.

Back beneath the world of stratospheric wealth in which the Beckhams live, those looking to move back from France have a number of reasons for doing so. Mike and Anne Lewis told the Daily Telegraph they loved the lifestyle in their 16th century Normandy farmhouse, but their son dislikes the lack of nightlife and the language barrier has been a problem.

At the same time, they acknowledged that the value of the euro against the pound could provide them with a very favourable return on a property they have added to substantially since buying it in 2005. For this reason, Mr Lewis has been watching the rate fluctuations closely, as this can make a large difference on a €530,000 (£448,000) property. "It can change by £20,000 in just two days," he said. Even so, he notes, this factor is in his favour just now.

Discussing people moving back to the UK, Roddy Aris of Winkworth estate agents told the paper: "A certain group of English owners are cashing in on the exchange rate. The advantage is that they can take lower offers than their French counterparts. They can take a bigger hit."

This, of course, is something that may tempt a lot of British investors to concentrate on buying British property off their compatriots, since they may be able to negotiate bigger discounts. As the Telegraph noted, most of those buying up the British properties are themselves from these shores.

Indeed, just as lifestyle issues may prompt some to sell up, be they the Beckhams or the Lewis's, the same reason is prompting many to move to France. A poll published by NatWest International Personal Banking found that France was judged by ex-pats to have the highest quality of life of anywhere in Europe. Overall the poll found that 90 per cent of expats believe their lifestyle is better than it was in Britain, with 91 per cent saying they are financially better off.

So for those buying in France who may wish to live in their property for part of the time, the attractions of lifestyle appear to remain strong. And if they find themselves purchasing a home off a fellow Briton, they could find they can get a greater discount than may be the case if they buy from a French seller.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4846.html. Alternatively, please see our full press release archive.

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