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Inside the Market / Market Trends

Are there more or less British buyers in France after Brexit?

Brexit British buyers real estate France

Some reports point to falling inquiries from British buyers in France, while others note that the Brexit vote sparked interest in property across the Channel. Fyltyr summarizes the findings. 

Property portal Green-Acres.com, which is aimed at an international clientele, observed a 23% drop in requests for information on its site by British visitors interested in buying homes in France, compared to the same time last year.

The decrease was observed during the week Brexit occurred, both before and after the referendum, raising the propsect that it was directly linked to the uncertainty buyers felt in the face of it.

Green-acres did note a return to normal in the following weeks, despite the pound’s drop to 1.2€. That figure is the average trading price of the pound versus the euro over the last 10 years.

But according to iexpats, the Brexit vote spurred inquiries. A post-vote survey revealed that more than half of British buyers looking for a home in France were doing so with an eye to leaving their country permanently. A similar survey led by Legget Immobilier, a real estate agency for French expats and second home owners in the UK, found that that sales to British home buyers in France were up by a fifth in the first half of 2016.

A spokesman of Legget Immobilier explained that “the appeal of living in France is as strong as ever despite the Brexit result and ensuing uncertainty.” He adds that the British “have always loved the French lifestyle, weather and culture, and property is still affordable to British buyers.”

A poll of over a thousand British home-seekers revealed that 50% of them are looking to make a permanent move to France. One-fifth sought a holiday home, and a mere 2% were property investors. Around 70% of those polled considered buying French real estate to be a good financial move.

This research took place during the two weeks following the Brexit referendum on June 23rd, when UK voters chose to leave the European Union. A similar poll conducted by Rightmove Overseas last year showed hat only 38% of Brits were looking for a permanent move, with over half of British buyers polled looking to buy a holiday home.

Photo credit: Ashurst

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