Low Mortgage Rates and Sensible Pricing Attracting Property Buyers

HouseThe lowest mortgage rates for 65 years and sensible pricing by vendors is attracting more people to buy property in France, including Normandy, according to estate agents.

Leggett Immobilier, a leading international estate agency with agents in Normandy, has seen a steady increase of buyers in the first quarter of 2013.

‘We understand that the overall number of property sales in France fell by 20% to 655,000 last year and that this year is likely to see a similar number of transactions. However, it’s clear that many people are also convinced that the market will improve over the coming years and with the cheap money available that now is the time to buy,’ said chief executive, Trevor Leggett.

‘It’s well documented that French mortgage rates are the lowest they have been since the Second World War and I am receiving anecdotal evidence every week from our agents in the field that vendors are now beginning to understand the need for sensible pricing,’ he added.

Lisa Greene, who runs the firm’s team in Brittany, explained that she has had two sales recently to Parisian buyers where they have arrived with financing in place, driven a hard bargain and picked up property at a good value for money price.

‘It’s not just canny Parisian that are looking to buy at the moment though. France has historically been the favourite destination of UK property buyers who love the sunshine, countryside and relaxed way of life. I was at A Place in the Sun Live last month and our stand was packed throughout all three days while the seminars we gave were standing room only,’ Leggett pointed out.

‘Most visitors seemed fed up with the wet weather and gloomy headlines in the UK and were surprised by the value for money that they found among the property listings we had on display. I’m not sure that it’s right for me to call the bottom of the market just yet but certainly we have clear evidence that many astute buyers think we must be close,’ he concluded.

About Ray Clancy

Ray Clancy has 20 years experience in journalism including contributing articles to print and on-line publications such as PropertyWire.com, Property World Middle East and websites for estate agents. She has also written for the Daily Telegraph and Mail on Sunday.

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