FRENCH PROPERTY MARKET 'PROVING ROBUST'
Monday, 25 Feb 2008
Properties in France are proving resilient in the face of the credit crunch affecting the global economy.
Problems with sub-prime lending – the practice of lending money to those with bad credit histories – has put pressure on some banks and borrowers as they seek to tighten their criteria for people looking to borrow money.
This has had a knock-on effect on the availability of mortgages and could affect the European property market, but while the UK is starting to see a slowdown in growth, experts say France remains strong so far.
Matthew Weston, overseas mortgage manager for Blevins Franks, said the sub-prime crisis has had "little to no impact on the non-resident property investment market in France" to date.
Indeed, highlighting the availability of competitively priced mortgage products for overseas investors and non-residents, Mr Weston said the "French mortgage marketplace has grown increasingly competitive over the last few years".
According to research by the Department of Communities and Local Government in 2005/06, 23 per cent of Britons' second homes were in France.
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