There has been a 7% decline in the numbers of us taking holidays abroad according to the Office for National Statistics, and those of us who are venturing abroad are doing so for fewer days. The opinion of many in the tourism industry is that 2009 will be a particularly tricky year for the European tourism market too, as Britons are reluctant to venture into the eurozone where their pound buys them so much less nowadays.
Therefore, if you currently own property in France and you’re reliant on the tourism market for an income to fund that property, now might be a good time to offload your home!
In this article we’ll cover the reasons to sell your property in France and give you some good advice about how to go about the process and what to do with the resultant funds that you free up.
Some may say that now is the worst time possible to sell a property abroad – we would say that it’s all relative! Yes, property prices in France have fallen just as they have in many parts of the world. However, France did not have such vulgar levels of exposure to national sub prime debt, or American sub prime debt either for that matter. Therefore, the banks in France are certainly in a better position than our own banks in the UK. What’s more, the French economy is in a slightly better position than the British, consumer confidence in France is slightly more positive, and Sarkozy has announced a stimulus package that does not involve bailing banks out and kissing goodbye to billions, rather it is for investment into infrastructure and for funding business tax breaks for example. All this means that France does still have a relatively active property market built on a better than bankrupt economy.
So, anyone who wants to sell their property in France has a better chance perhaps than someone in the UK who wants to sell their property and move abroad maybe. Knowing this, as a vendor you have an exit strategy forming. Now, depending on where your property is located in France and the type of property it is, you can either promote it to the local market or indeed, advertise it to international buyers such as those Britons so disillusioned with the UK that they want to leave!
To sell your property in France you may need to price it attractively. This is where the argument begins about whether now is the worst time to sell or not! If you want to venture back into the UK property market and make the most of the fact that the euro is worth 30% more in relation to the pound than it was a year ago, cutting the price of your French home by say 10% to make it instantly saleable makes more than a little fiscal sense! You will be reaping many more pounds for your euro asking price, and be in a position to buy in a falling and depressed property market in the UK and haggle hard as a cash buyer!
Anyone who owns a French property, who wants to sell it and is prepared to be competitive on pricing and who is keen to get a foothold in the UK at the perfect time to clean up in the British property market, couldn’t actually time a sale any more perfectly than right now – and that’s our number one reason why you should sell your property in France now if you’ve no tourism bookings this year and you want out of the eurozone and into the British property market!