Brits still buy­ing de­spite Brexit

Whether you’re plan­ning your move to France, or are al­ready liv­ing there, we bring you the lat­est from the world of French prop­erty

Living France - - The Essentials - bnp-paribas.com

Bri­tish buy­ers con­tinue to pur­sue their dreams of own­ing a prop­erty in France de­spite Brexit, ac­cord­ing to a new sur­vey com­mis­sioned by BNP Paribas for its an­nual In­ter­na­tional Buy­ers re­port. The sur­vey of 1,111 UK res­i­dents who had plans be­fore the ref­er­en­dum to buy a prop­erty in France was con­ducted be­tween 5-19 April 2017 by Ip­sos.

Bri­tish buy­ers also re­main the top for­eign in­vestors in French prop­erty, ac­count­ing for 32% of non-res­i­dent trans­ac­tions in 2016. While 28% of Brits who re­sponded to the sur­vey said that they had aban­doned their plans to buy a home in France fol­low­ing the Brexit vote, most of them with prop­erty-buy­ing projects al­ready un­der­way in 2017 have not been de­terred, and 23% have ac­tu­ally ac­cel­er­ated their plans in or­der to buy be­fore the UK leaves the EU.

Of those sur­veyed, 52% were op­ti­mistic about the out­come of the UK/EU ne­go­ti­a­tions, while 51% of all projects to buy a pri­mary res­i­dence in the eu­ro­zone were linked to Brexit.

The sur­vey showed that France also at­tracts the big­gest prop­erty bud­gets from UK buy­ers, with 44% of re­spon­dents bud­get­ing more than €300,000 for their pur­chase. For Bri­tish buy­ers, the main rea­sons for buy­ing a prop­erty in France re­main the way of life and the cli­mate, which are un­af­fected by Brexit.

The main con­cerns among prospec­tive buy­ers were re­lated to visa re­stric­tions and un­cer­tainty over health­care and pen­sion rights, as well as the pos­si­ble in­creased cost of liv­ing and whether the pound will fall in value.

The BNP In­ter­na­tional Buy­ers re­port also re­vealed that Bri­tish buy­ers were the top na­tion­al­ity of for­eign in­vestors in 10 of France’s 21 re­gions (be­fore they were merged into 13 larger re­gions), and in the top three na­tion­al­i­ties in five other re­gions. Rhône-Alpes, Aquitaine, Poitou-Char­entes and Brit­tany were the most pop­u­lar re­gions with Bri­tish buy­ers. Brits ac­counted for 55% of for­eign non-res­i­dent prop­erty trans­ac­tions in Aquitaine, 76% in Li­mousin and 77% in Poitou-Char­entes.

The high­est av­er­age spend on a prop­erty by Bri­tish buy­ers in 2016 was €627,000 in Paris, while the low­est was in Brit­tany, where the av­er­age spend was recorded at just €88,000.

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