Pound's strength boosts british demand for property

Photo: JPEStana

The pound's strength against the euro has boosted British demand for overseas property this year. The market only picked up in the summer, following a difficult first half of the year, according to Home Hunts.

The luxury property specialist's report forecasts that the trend will continue, particularly in France, as sellers become flexible with askign prices.

"The French General Elections in 2017 is likely to result in a Change of government and savvy investors are taking advantage of the current favourable buying conditions to reap rewards later," says Tim Swannie, director of Home Hunts, who are "cautiously optimistic" about next year.

"2014 was such a year of contrasting halves so we cannot predict a huge rise in property prices for 2015 but, we can confidently say the market should remain buoyant, particularly in the most sought after areas of France."

While the company has seen a range of buyers and nationalities, Property Wire notes, the one common factor has been that they are all looking for a "deal". Indeed, currency rates can help to secure a more affordable home, if the timing is right, while France's low mortgage rates are also favourable to bargain hunters.

"Interest rates and the exchange rates are a big contributing factor but the flexibility of prices is really the main reason that we believe there hasn't been a better time to buy here for many, many years," adds Swannie.