Has the impact of Brexit meant more people are looking to relocate abroad?
We’ll be frank. The effect of the referendum has seen a fall in the number of enquiries from UK clients, but the requests we are getting are from serious, motivated clients truly looking to invest in good property in Morzine, Les Gets & the surrounding Portes du Soleil.
Fixed rate French mortgages are now available from as little as 1.70 % with 80 % loan to value on a 20-year term. These rates are available to most non-residents and more than offset the recent changes in exchange rate.
As an example : Based on the rates above, with a purchase price of €200,000 and a deposit of €50,000, the monthly repayment would be just €737.69! You can see why our clients are picking up the phone!
Is it a good time to sell?
Currently, it’s a good time to both buy and sell. It’s good for UK owners looking to sell if they are taking their funds back to the UK, as the exchange rate is now hovering around 1.11 and the experts are predicting that it will fall a little more. This means that Expats would get more for their money on return back to the UK.
Brexit has helped those selling if they are taking their money back to the UK and we have seen more clients coming through the door who are not affected by the exchange rate as they are already in the Eurozone.
But it’s also a good time to buy?
Absolutely. It’s also a good time to buy as per the mortgage rate example above. Borrowing in France is pretty straightforward and we are here to help you through the process with banks who have English-speaking departments. We’ve done it hundreds of times for clients and they are always surprised with how un-complicated the process is.
Latest figures released by notaires show that house prices in France are on the up – and this is probably down to the lowest interest rates for 100 years in France.
Have you thought about this?
Have you considered that the fall in borrowing costs over the past few months can largely mitigate the fall in sterling against the euro? Or that by taking a mortgage you can help minimise your exposure to exchange rates?
Since early 2009 property prices have fallen, so we are now selling at prices that we were selling at in 2005. With that trend now changing – it really is an ideal time to buy in the Alps which is an area favoured by the Brits.
“Brexit will not change the climate, the culture, the cuisine and the love for our nearest neighbour. Not to mention all those wonderfully affordable homes…”
Full of Savoyard charm Morzine/Avoriaz and Les Gets are destinations for Brits for many reasons and they are only just over an hour from Geneva International airport which makes it easy for short breaks.
Has there been an increase in people buying second homes in the area?
Absolutely. Increasingly Brits are coming to the mountains in the summer as well as for the skiing in the winter months. Traditionally people looking for second homes would just look for a place to ski a few weeks of the year, now our clients ask for a resort that is full of life during the summer as well as the winter.
If you are reading this and haven’t been to the Portes du Soleilyou’re interested in second homes or a primary property, the villages surrounding the main resorts offer excellent value properties with a drive of between only 5 to 20 minutes to the nearest lifts
When you chat to clients who’ve bought in the area, what are the three main reasons they move to the Portes du Soleil?
- A resort summer and winter and we could live here within a thriving community and not feel like we were living in a ghost town inter-season.
- It is about 1 hour and 20 minutes from Geneva and we felt this was a more tolerable transfer that a 4 hour plus transfer which we have endured on skiing holidays;
- The Brits know Morzine. We were setting up our own catered chalet business and we wanted somewhere that was a well-known resort.
If you need any more advice on buying or selling property then don’t hesitate to drop us an email on firstname.lastname@example.org