What Would a Brexit Mean for People With Properties in Europe?
Tim Swannie, Director of Home Hunts Advises
There is currently much thought around the repercussions that would follow if Britain decides on 23rd June to leave the European Union (EU). I don’t believe the British public will ultimately vote to leave the EU and the independent polls back this up at present. David Cameron has already negotiated a very interesting deal to stay in the EU and it is in both the UK and EU’s best interest to gain strength together.
I think there is currently much confusion surrounding the pros and cons of each camp (for and against the Brexit) and I hope both parties mount clear campaigns so the public can make informed decisions before the referendum in June.
Whatever the outcome, aside from the effect on the exchange rates, the team at Home Hunts don’t believe there will be a huge impact on those looking to relocate or buy property overseas. There are more than two million UK citizens living overseas, with approximately 300,000 in France and nearly one million in Spain (not to mention the Europeans who are living in the UK of course). If the UK choose to leave the EU, there will no doubt be a solution put in place for the freedom of movement within Europe.
With regards to exchange rates, the value of the pound has been affected already and I am sure we have some volatile weeks ahead whilst the outcome of the referendum remains uncertain. However, Home Hunts hasn’t seen any immediate impact on enquiries, viewings or sales. In fact, last week was the best week in our entire history (since 2005); we helped seven clients get offers accepted on properties (with a combined property value of more than 27 million Euros). Of the seven buyers, three of them are British.
At present, enquiries for Home Hunts are at an all-time high. If the UK votes to remain in the EU then it is predicted that the pound will surge in value, which will no doubt lead to more interest in French property from the UK.
There are some excellent deals to be had on French property at the moment. Prices have slowly come down over the past few years but have now stabilised in most areas and in fact, a slight rise is forecast in certain destinations (Riviera, Paris etc) this year. Interest rates are still at an all-time low with the banks which will not last forever either. The pound is down against the Euro when compared to where it was twelve months ago, but it is still stronger than it was for the five years preceding that. We have found a lot of clients have kept a close eye on the market over the past few years following the global recession. Last year we saw a sharp increase in sales and this seems to be continuing in 2016.
Home Hunts is certainly not shying away from the European Union and on the contrary is launching its luxury property search service in Spain in the coming two months; so we are looking forward to a very positive year ahead!
Director, Tim Swannie is available for phone interviews on request.
ABOUT HOME HUNTS:
Home Hunts specialise in finding luxury homes and investment properties throughout France, Monaco, Geneva, London, New York, Miami and shortly Spain. Home Hunts is a leading buyers’ agent, whose role is to find the hidden gems that the property market has to offer. The team collaborates with all of the best estate agents, notaries, developers and private sellers to provide the ultimate selection of properties in a desired area. Home Hunts work closely with clients, offering unbiased advice and support throughout the entire buying process and beyond.
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