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Number of foreign buyers in Paris region rises as French look to Spain
Foreign buyers are increasingly snapping up properties in and around Paris with new figures showing they account for almost one in 10 sales. In the three districts that make up the Ile de France some 9.2% of buyers were from overseas, the first time such a number of sales has been seen for 15 years. The figures from real estate group Bien, said that there has been a big shift in where buyers are coming from. Italian, Chinese, Algerian and Portuguese buyers make up the bulk of sales to overseas buyers. But overall the number of foreign buyers has remained stable with fewer French people buying homes in the region, according to the firm. In Paris itself, some 8.3% of buyers this year have been foreign nationals, with the figure rising to 11.2% in the Inner Ring and dropping to 7.5% in the Outer Ring. Four years ago, foreigners made up just 6.3% of the sales total in the region. Italians accounted for the largest foreign group in Paris, with 17% of sales. Chinese buyers dominated the foreign market in the Inner Ring with 22.2% of sales while Portuguese buyers came out tops in the Outer Ring at 29%. It is not a case of foreign buyers moving to France. The data shows that some 90% of these buyers were already resident in the Paris region. Meanwhile, another report suggests that the French are buying more property in Spain. Some 18.2% of foreign buyers in Spain are French and 51% of enquiries are within an hour’s drive of Spain, according to the latest data from Spanish property portal Kyero. It means that the French are now the second largest group of foreign buyers of Spanish property. British buyer are still top at 54.5 and in third place is Germans at 7.5%. A multitude of economic factors over the past year have encouraged more and more French buyers into Spain, according to Martin Dell, Kyero director. ‘With the French property market looking pretty flat, many are casting their eyes further south in search of holiday home bargains that can satisfy both investment and lifestyle requirements,’ he explained. ‘Property in Spain is incredibly cheap right now and for French buyers, being part of the Euro, means that the headache of currency exchange is removed from the purchase process,’ he said, adding that the north of Spain is particularly popular due to it being easily accessible. Kyero figures show that Girona, just 55 minutes' drive from France accounted for 51% of enquiries, followed by Castellon at 46%, Tarragona at 29% and Cantabria at 25%. Continue reading
Scots divided over effect of independence on property prices, poll shows
Opinion in Scotland over whether or not house prices will fall if there is a Yes vote for independence is divided, a new poll shows. Almost a third of people think house prices in Scotland will fall if the country becomes independent while about the same number believe prices will rise. The crucial vote is on Thursday. Overall the survey by s1homes shows that 32% of people believe independence could cause the value of their house to fall while 31% it will lead to a price increase. A further 24% said they did not know while 13% said they did not believe Scotland would vote to leave the union. Almost half of those surveyed, some 46% said they think that independence would make it harder to get a mortgage while 19% said it would be easier. The remaining 35% said it would be no different. Across almost all regions and age groups the consensus is that getting a mortgage would be harder in the eventuality of independence. The only segments to disagree were those aged 55 to 64 who believe that getting a mortgage would be no different and those under 18 who are split evenly between believing that getting a mortgage would be easier and believing it would be harder. Those currently living outside of Scotland are the least likely to buy property in Scotland until after the referendum, 50% said the impending referendum would make them less likely to buy or sell at the moment. The North East of Scotland followed with 35% of respondents less likely to buy or sell until after the referendum. Those aged 65 and over feel strongest that independence would result in the value of their home falling while those under 18, followed by those aged 18 to 24, feel strongest that property values would increase. More men than women believe that independence would impact on the value of their home, while more women admitted to not knowing one way or the other. Despite uncertainty over the result of the referendum and the potential rise or fall in property prices, 59% said that the referendum has no influence on their decision to buy or sell at the moment. Ewan Stark, s1 managing director, believes that the survey shows a ‘feeling of trepidation’ among Scots over the future of mortgages and interest rates. ‘The prospect of independence continues to divide the country and the results of our survey reveal that there is little agreement on what independence would mean for Scotland's property market either,’ he said. Meanwhile, a survey by rental firm Citylets found that 58% of private renters who have made up their mind on which way they are going to vote, support independence. Continue reading
UK home rental price growth eases, latest index shows
Rental price growth across the UK eased in August, with every region seeing smaller rent increases than in previous months, according to the latest index. The average rent in the UK now stands at £921 a month, compared to £851 a year ago, according to the data from the August HomeLet Rental Index, the largest monthly survey of private tenants in the UK. The average monthly private rent in London stood at £1,464 and in the rest of the country £729 although some regions that were previously showing high growth month on month have fallen and in total the average monthly variation in rent across the UK was 2.3%. Only London at 2.4% and the South East at 3%, registered increases of more than 2%. East Anglia and the South West, both of which have been recording strong growth in recent months, have seen a slowdown in August with rents in East Anglia increasing by just 1% and the South West recording a drop in rental prices by 0.9%. Rents were also lower in Scotland, Wales, the North West and North East of England as well as the East Midlands. The biggest fall in rental prices is in the North West where rents paid for new tenancies last month were, on average, 3.5% lower than those paid on new tenancies in July. Elsewhere, rents were up by 1.9% in the West Midlands, and by 1% in the East Midlands and Northern Ireland. ‘August can traditionally be a slower month for the rental market and similar dips have been seen in rental prices in previous years,’ said Martin Totty, chief executive of the Barbon Insurance Group which owns HomeLet ‘Nevertheless, the cooling in the rental sector may prove to represent the beginning of a trend towards a more settled market after several months of much more significant growth. A similar cooling has been seen in the wider housing market, with house price indices recording an easing of house price growth,’ he added. On an annualised basis rental growth continues to show strength, with only the North East and the East Midlands reporting lower rents for new tenancies in August than in the same month of last year. Across the UK, the average private home rent rose by 8.2% over the year to August 2014. In London, rents were up by 11.4% on a year ago, while East Anglia saw annual growth of 8.4% and the South East 5.3%. ‘While a calmer period for the rental sector is likely to be welcomed by landlords and tenants alike, with affordability concerns having increased in some parts of the country in recent months, demand for rental property is set to remain strong,’ said Totty. Continue reading
