Great time to buy French property
Financial experts agree that French property is more affordable for Brits as a result of the Euro falling against the pound.
Industry experts fear the French property is beginning to show signs of a downturn with some commentators suggesting price falls of between 5 and 10 per cent over the next twelve months. No one is prepared to suggest ‘bubble’ territory rather just a price correction.
Residential property prices have started to reduce in recent months in several regions including Brittany a reduction of around 5 per cent, Normandy properties have fallen by 5 per cent and property prices in Burgundy are almost ten per cent cheaper than twelve months ago, these regions are extremely popular with UK property investors.
French mortgage lenders are asking for larger deposits and have tightened lending criteria for the foreseeable future.