Newsletter 25, Q3 2007
This newsletter arrives with summer finally with us here in France. What a bizarre year it has been so far on both sides of the Channel. The property market here has undoubtedly weakened in recent months, so that there are now a few real bargains to be had. Some properties are now looking a bit expensive and have been around for a while. We can guide you in terms of price, whether a vendor is likely to accept an offer.
Next month sees the start of the Rugby World Cup here in France. Will England be victorious again? There are 8 of the previous team still in the 30 man squad, including of course Johnny Wilkinson. England open their campaign against the US. Full details via http://www.rugbyworldcup.com
Many of our clients took advice from our special interim newsletter earlier this year and locked into a very attractive £ Sterling rate (over 1.50 at the time) to secure their Euros for their proposed purchase. Getting the best deal on currency, whether you are buying or selling is just as important as negotiating the best price.
Once you have had an offer accepted, think very seriously about using a forward contract to secure your exchange rate. This effectively fixes the price of your house in £ terms. No worries therefore about fluctuating rates afterwards.
Until recently, French mortgages have been very highly regulated, with set formulae applied to calculate the amount of loan that is possible. Recent months have seen innovations in the marketplace with several new mortgage products becoming available. We work with France's No 1 mortgage broker to ensure that the latest facilities are available to our clients, and at the most favourable terms.
Allez-Français has always focused attention on property in the Poitou Charentes, but we have always received requests for regions further afar. During the last year or so, a 2nd website www.frenchproperty4sale has been developed and offers property currently in the Loire, Brittany, the Languedoc Roussillon, Côte d´Azur, and Alps regions currently. These include some superb apartments in ski resorts, and similar holiday destinations at discounted prices.
We have also developed a relationship with a local builder, enabling us to offer quality new-builds at very competitive prices (starting from 145,010 € for a 2 bed house, including land, kitchen and connection to local services, up to 261,860 € for a stunning 4 bed house).
During the next few months buyers will receive even more in-depth information about their houses when a further specialist report is required as part of the sales process. This time it is a report on the electrics for the property, to supplement the woodwork, lead, asbestos, energy and natural disaster reports. Rather like the Home Information Pack created in the UK these reports are compulsory documents to be paid for by the vendor, and they are starting to push up costs involved with selling a home.
VENDORS As a rule, we only work on non-exclusive mandates, but where a vendor approaches us currently in order to alleviate these costs, we will undertake to pay for the specialist report where the property is offered to us on an exclusive basis for a period of 3 months and the compromis de vente is signed within that time frame.
Also for vendors, a comment from a recent client : "A very knowledgeable and reliable team who guided us through every stage of selling our property. We recommend Allez Français 100% and will use them again in the future. A truly professional service with a personal touch." (if they'll let us back !!!). Ian & Keeley Drysdale (Pressac 86).
A recent client accepted an offer of 196,000 € for their 200,000 € property. This represented a reduction of exactly 2%. They were about to get the money shipped back to the UK via their bank, but having checked out the specialist rates via Foremost Currency Group, they found that they made up +2.75% over what their bank had offered, more than offsetting the price reduction on the property.
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