Britons account for about a fifth of all the house purchases made by expatriates in France, according to statistics released by the financial services giant BNP Paribas.
Between 2011 and 2012, the French house market declined from 19.4% of transactions to 19.1%. However, the average transaction amount grew marginally to 384,000.
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As per the statistics data, British buyers dominated house purchases in Brittany and Normandy, Aquitaine and Midi Pyrenees areas, while Italian buyers dominated in the Parisian region and in Provence Alpes Cote D’Azur.
Mortgage broker Offshoreonline managing director Tim Harvey said that the French market has retained its appeal for many British buyers, partly due to the fact that there has not been any shortage of choice or availability of euro mortgage finance."
Currently, variable rate loans are available at 2.15% in France, while 10-year fixed rate mortgage rates offer start from 2.80%.
"Whilst in the UK we have seen lenders retreat from the market, in France, lenders have gone in the opposite direction, launching new products and cutting interest rates," Harvey added.
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By GlobalDataUnlike the UK, foreign buyers are often faced with a bewildering amount of choice when it comes to choosing their euro home finance package – as well as long and short term fixed rate mortgages, capped rates, which combine variable and fixed rate loan characteristics to limit the level interest rates can rise in the event of bank interest rate changes are also available.
