Quelle Disaster For Brits Stuck With Second Homes In France

Date Published 24 April 2013

Apparently, the estate agent doesn’t even always bother to open.

And Brits who own homes there sound desperate – not to mention up the creek without the proverbial paddle.

Not so very long ago, buying into the ‘year in Provence’ dream was something that agents on both sides of the Channel could lucratively tap into.

But a new French president intent on punitive interference in the second homes market has slashed demand and blighted prices: 60% of second homes in France were bought by foreigners such as British people. Now it’s just 30% of what appears to be a dwindling market that’s on its knees.

Even Monsieur no longer wants a second home – the kind where one despatched Madame and les enfants during the summer, freeing up a little quality time with the mistress. A second home, it seems, is just too costly.

Needless to say, there are knock-on effects for the entire housing market.

It’s a sorry tale and one which George Osborne, as he continually eyes up foreign property investment in London, not to mention holiday homes everywhere, might do well to read.

One would think that the money being raised by the new property taxes in France have been dwarfed by the loss in earnings for the national revenue.