Brit buyers "back with a bang" in france

Loire, a popular place for British buyers, according to one agent Photo: Erminig Gwenn

British buyers in France are "back with a bang", according to one estate agent, as sales of French properties soared in 2014.

Mortgage rates in France have fallen to record lows in the past year, which, combined with steady prices, has helped to make French real estate more attractive for overseas buyers. Indeed, last year saw a 43 per cent increase in sales for Leggett Immobilier, with buyers of 33 different nationalities.

"This diversity demonstrates the global appeal of the property market in France," says Trevor Leggett, Chairman of Leggett Immobilier.

British buyers, though, were the ones leading the charge, with Leggett hailing 2014 as "the year that British buyers came back to the French market with a bang". They were followed by buyers from Belgium, USA, Australia and Holland.

Indeed, the strength of the sterling against the euro has seen UK buyers become increasingly active overseas, taking advantage of the favourable exchange rates.

"We have been making sales throughout France and "Middle England" is buying again," says Leggett. "In 2013, the average purchase price for a British buyer was €269,000, we think that in 2014 this will have risen to around €300,000 and that in 2015 it will rise further still."

The Alps and Cote d'Azur fuelled activity, which matches the profile of the middle class buyers, who tend to want properties that are finished to a "reasonably high" standard and that are in good locations.

"We're still selling plenty of renovation projects but there is a definite trend towards "just furnish to your own taste" properties," continues Leggett.

In the UK, though, the upcoming election and concerns surrounding a potential interest rate rise has led to a slowdown in house prices and sales, particularly in the popular investment hub of London. Leggett says that so far they have not seen any impact yet from ballot blues.

"We currently have over twice as many ongoing sales, between exchange and completion, as we did at the start of the year - the bulk of these to buyers from across the channel. With around 12,000 properties for sale on our books there is certainly plenty of choice."