Latest news: France
A staggering six out of ten property buyers in France are British, according to data released by the organisation Notaires of France at a press conference which took place in London on 5 November.
The event, in which a panel of French notaires participated, revealed not only key information about the purchasing habits of British home buyers in France, but also explained the surprisingly varied number of roles a notaire can play in the purchase and upkeep of a property: from finding a tenant and managing the rental of a property to advising on succession planning.
The press conference highlighted a number of characteristics about British home owners in France. According to notaires Luc Bestard and Guy Lasage, the high proportion of property purchases attributed to Brits can be explained by the fact that British home owners in France sells their properties more frequently than their French neighbours. In Paris they keep their properties for an average of six to seven years while for the rest of France the average duration is nine years. It is thought that British owners have been buying and selling frequently in France to take advantage of major price hikes over the past seven years.
Due to high property prices at home, Brits have a lot of purchasing power in France and tend to spend more on property than other buyers. In Paris this equates to an average expenditure of £167,293 compared with an average expenditure for non-Brits of £153,950. In the rest of France, Brits on average spend an additional €39,000 (£28,000) on a house compared to their neighbours.
The panel was also keen to explain the full capabilities of the notaire. Those who have already purchased a French property will be aware that a notaire presides over all legal aspects of the sale, acting for both parties. What is not so well known is that a notaire can take the same role as a solicitor in divorce settlements and estate planning and can act as an advisor throughout a client’s life. For more details on Notaires of France visit www.notaires.fr