Home sweet home

We did our first ever home exchange over Christmas and New Year as a means of having a holiday that we would otherwise never have been able to afford. It was such a great experience that I am wondering why everyone doesn’t do it as a matter of course. Perhaps we just got lucky with our exchange partners but I have spoken to other people now who have had a similarly positive experience and are already planning their next exchange so it is obviously a scheme which is gaining in popularity.

The whole idea is such a clever and obvious concept; after all, why leave your house empty for two weeks and pay someone else to spend two weeks in their house – why not just find someone who lives in a place where you would like to go, who would like to visit the area you live and then swap houses, cars, pets, neighbours etc? We didn’t even exchange houses at the same time; there are plenty of people out there who exchange their holiday homes and so can be flexible as to dates and there is such a plethora of properties available for exchange now on the various house exchange sites, that it is quite likely that you will find the perfect match.

Obviously it helps to not be too precious about your house but, in the current belt-tightening times, it does just seem to make so much sense, especially if it is the difference between having a holiday or not. There seems to be plenty of demand too for houses in France and we get offers of exchanges all the time, so anyone who has a home or a holiday home out here is likely to have a really wide choice of properties and locations to choose from. And an extra bonus for us has been the wonderful feedback we got from our exchangers which has made us yet again realize in what a very beautiful and special place we live and made us appreciate our home all the more.

The rise and rise of ski and mountain properties

Luchon in the snow

Having been lucky enough to spend Christmas and New Year on the slopes, I thought I should take a quick look at the ski property market here in the Pyrénées. While a financial avalanche threatens to engulf many property markets in the Euro zone, ski properties are bucking the trend and growing in popularity. Ski properties now account for 9% of the British-owned holiday home market overseas, according to Savills, and ski tourism is on the up too, expanding by 5% a year for a decade. And although cheapness is rarely a word associated with ski property, there are still plenty of well-located and excellent value ski properties available in this region to buyers of all budgets, particularly for those people seeking bolt-holes that they can use themselves, rent out easily and hopefully reap some eventual capital gain.

France is still Europe’s most popular ski destination for property buyers, attracting a third of the market. The millionaires head to their super-chalets in Megève and Courchevel, with average costs of around 9,300 Euros per square metre but France has a huge range of lesser-known and far better value resorts with equally good skiing and very reasonable property prices.

This is particularly true of the ski resorts here in the Pyrénées, many of which are almost unknown to the foreign investor and yet which offer fantastic investments – with some great skiing thrown in. Particularly popular with my clients in the last few years has been the area around and close to Superbagnères (the ski resort attached to Bagnères de Luchon) where prices per metre are closer to 2,600 Euros, although higher for property right in the town. With its antique shops, restaurants, cafés, hotels, nightclub, casino, cinema, golf course, tennis courts, chocolate shops, market and spa, Luchon is one of those towns that exudes ‘old money’ and is very stylish but still very affordable. Being a popular holiday destination winter and summer (thanks to its ski resorts, thermal baths and spa, plethora of year-round activities, fantastic walking and cycling, stunning scenery and easy access from Toulouse and Pau), properties here have excellent rental potential all year round.

A one-bedroom apartment in the middle of Luchon would currently cost around 100-120,000 Euros and would rent out for around 250-400 Euros per week. For a typical example of the type of property available and possible rental potential, take a look at www.luchonlocation.com (I must declare a personal interest in this one!) For a French holiday retreat and excellent year-round rental investment, I would have to say that Luchon and the French Pyrénées are hard to beat.

Wishing you a very happy 2013 and hoping that, whatever your dreams for a home in France, they all come true.

The Property Market in South West France in 2012

Fresh snow on the Pyrenees in time for Christmas

I have just been reading through the swathe of end-of-year reports from various estate agent groups, notaire’s associations and finance companies in order to get an overall picture of how the French property market has performed in 2012. They make interesting and confusing reading which pretty much sums up the property market in this part of France. Having started the year with low expectations of client numbers, I have in fact been hugely busy but there has been absolutely no pattern throughout 2012 either in types of buyer or the sort of property I have been asked to find. And budgets have also been right across the scale. So what is going on according to those in the know?

Well the latest figures published by the ‘Notaires de France’ show that prices have fallen nationally by 3% in 2012 although this figure hides some notable falls in certain areas and rises in others (prices around Toulouse have actually risen by 4.5%). Over the past year, FNAIM, the national association of French estate agents, reports that house prices have fallen by an average of 1.3%. There has also been a substantial fall in property sales with both Notaires and estate agents reporting a slump of around 20% in the volume of sales despite the record low mortgage rates, at around 3.3%. Much of this is to do with the banks who have introduced tougher lending criteria with the result that mortgage lending is down by around 30% in the past year, a record fall and this is keeping the market subdued. Those departments that have continued to show positive growth in house sales over the past four years are Haute-Garonne, Gironde, Indre, Savoie and Haut-Savoie.

In this region, there has certainly not been a noticeable drop in prices actually asked this year but I have noticed that sellers are being more realistic about accepting offers below their asking price and this seems to have revitalised the market here and kept things moving. This means that 2012 has been a buyers’ market which is ideal for my clients and I would guess that this will continue into next year. Village properties have also been very popular this year, perhaps because of the generally lower price range and properties needing total renovation are also in the frame again as are part renovated properties which are habitable though in need of some finishing, as long as the price is realistic and reflects the work to be done. In addition, demand for luxury and high end properties in good locations is also strong, thanks to a lack of domestic buyers which has opened up opportunities for British and international buyers to snap up desirable properties.

So how to sum up the property market in this region in 2012? Well, despite the continued uncertainty in the Euro-zone, France stays consistent in its appeal to foreign buyers and I can’t see that the wish to own a small part of this beautiful country changing any time soon. Certainly the lower risk factor of buying property here keeps buyers and investors interested and the very low mortgage rates, tight controls and the weakening Euro mean that French houses are still very good value. And while property in this region hasn’t been reduced to bargain basement prices, it generally remains well under UK averages with plenty of properties available within any budget.

So despite the widely varied reports on the market from different sectors of the industry, 2012 has been a relatively stable year for French property in my region. Sellers have become more realistic about the price they are likely to get and buyers seem to be more flexible in the kind of property they are looking for and the compromises they are prepared to make. This is keeping the market moving and property here has been a very good investment in 2012.

I don’t have a crystal ball and I hesitate to make any predictions for 2013; I don’t think anyone knows what is going to happen in the financial world and European crisis next year but I have every confidence that, for anyone who wants a beautiful French house in a stunning location combined with a fantastic quality of life and a lovely climate, this part of the Midi-Pyrenees is one of the better places in the world to spend money on property. But that’s not a prediction, just a personal viewpoint...!

I am taking a break over Christmas and the New Year and I shall be ‘un-connecting’ from every type of communication device! I wish you all a very happy Christmas and New Year and look forward to unearthing some more dream properties in 2013.

House-hunting out of season

Autumn in the foothills - Betchat, Ariège

Traditionally late November is the start of the low-season in the property world; summer and autumn house hunters have usually found the home of their dreams or, if not, have decided to wait and try again in the New Year and somehow our thoughts turn to hibernation and home comforts rather than new horizons and starting over.

In this part of France however, late autumn and winter is a beautiful time of year with lots of sunshine during the day, followed by chilly evenings that provide the perfect excuse for hot chocolate in front of the fire. It is also an ideal time of the year to visit the region and discover it laid bare; no roses around the door, wisteria over the pergola and shimmering swimming pools to distract from the actual property and your list of must-have criteria which can all go out of the window on a perfect summer’s day.

The lovely thing about this area is that there are many thriving, all-year-round communities unlike so many places in France which literally shut up shop in the winter months. Before arriving here, we spent a winter living in an area that went into complete hibernation from November–March; every house was shuttered and abandoned, every restaurant closed and the few locals who remained barely ventured out. Hence it was a relief to find a region that does not rely just on summer trade and tourists, where people actually live and work all year long. Here of course we are only an hour from numerous ski resorts which means that the winter ski season is about to begin (it is beautiful weather down here but I am looking at fresh snow on the mountains). We are also only an hour from Toulouse which, like any city, has something going on at all times of year and whatever the weather.

The property market has been very busy here since the Spring and there are still a great selection of properties for sale at all budget levels, as well as some good deals to be had with sellers keen to accept an offer before Christmas so that they can move on in the New Year.

Finally, here is a list of the Top 20 property blogs which I discovered quite by accident – and as I am on the list (albeit at the very bottom!) I thought it would be a shame not to pass it on: Top 20 property blogs:

Toulouse, 'la ville en rose'

Central Toulouse with the Pyrenees in the distance

People choose this region for many and varied reasons but an oft cited one is the preference to be within striking distance of a vibrant and thriving city and Toulouse fits this bill perfectly.

Toulouse is one of the fastest growing cities in Europe and the fourth largest city in France (after Paris, Marseille and Lyon). Toulouse has been a major success story since World War II and whilst much of the world is seeing stagnation and unemployment, companies in and around Toulouse are expanding fast. The city has attracted a vast range of investment from companies in the high tech sector, the aeronautical industry and the medical world, including public and private sector investment in the largest cancer hospital and research centre in Europe, the Toulouse Canceropole.

A young and vibrant city with a strong economy, Toulouse is an important centre for education with a world famous university and more students than any other provincial city in France. It also has a strong Latin vibe thanks to its close proximity to Spain which inspires its architecture and its temperament.

Also known as ‘la ville rose’ due to the predominant colour of the bricks, Toulouse is a major cultural centre, packed with museums, galleries and interesting architecture. This is a city that is a pleasure to visit; its transport system is exemplary, with a clean and efficient metro line and plenty of underground parking while much of the old centre has been given over to pedestrians and a popular bike hire system implemented. More and more of my clients are looking to be within an hour of this great city and it is easy to understand why.

It's never too late

I just met a lovely couple, both in their 70s, who wanted some advice about moving out to France and buying a property here. They have always dreamed of living in France for as long as they could remember and they had talked about it many times. But each time they seriously considered making the move, something seemed to happen that persuaded them to put if off for another year or two.

So here they are now 75 years old, determined to finally fulfil that dream. Their children are grown up with lives of their own and there really is nothing to stop them making the move – except fear. But they have now admitted that it was exactly this fear of the unknown which has prevented them taking the plunge year after year and they refuse to let this fear control their lives any longer; it is time to turn that dream into reality.

They have decided to embrace the unknown with all the adventures such a leap may involve. Bad things and good things happen wherever we live and whichever path we choose but allowing fear to dictate the course of our lives means that we will never experience the highs and thrills that come with embracing new and unexpected opportunities; “if you can meet with Triumph and Disaster and treat those two imposters just the same...”

OK so I tend to leap first and then look but this couple have filled me with optimism for whatever the future may hold because, as they have proved, it is clearly never too late to just leap, follow your dreams and take charge of your life so that you never end up regretting un-followed paths and wondering what could have been.

Heating your house for free

Eco-friendly, future-proofed house near Aurignac, south west France

A few years ago nobody was really interested in central heating systems when house hunting, especially not in southern France. The only question occasionally posed on viewings was whether a house had heating or not and whether it was actually necessary (yes). How things have changed – heating systems and energy efficiency is now recognized by sellers, buyers and governments as one of the major considerations and high on the list of criteria when viewing and buying property, even out here in sunny south west France.

Nowadays we are all looking for alternative ways to heat our houses that don’t involve increasingly expensive fossil fuels and finally we are all beginning to understand the importance of living a more ecologically friendly lifestyle. Worryingly, I am clearly getting old because I find myself now really quite fascinated by the various heating options that I am starting to see appear in many of the houses I view for clients and I have to admit to sometimes even getting a severe case of heating- system envy.

Old fashioned, stand alone oil or gas central heating systems are becoming rare; almost without exception (ruins excluded), most houses I view now have at least one wood burner and often a selection, usually with means of heating other rooms simultaneously. More and more houses also now have solar panels for hot water and increasingly for running low level heating systems, under-floor being the most usual. This makes so much sense in a region where we get a very high number of sunshine hours throughout the winter months and warm sunny days even in February but cold mornings and nights. And, more recently, I am seeing both geo-thermal and aero-thermal heating systems which appear to be fantastically efficient and cost effective, at least over the longer term.

Big properties clearly present the most difficult challenge when it comes to finding an affordable method of heating but are coming up with solutions which might well benefit us all in the future. In the last few months I have viewed three châteaux all with completely different heating-systems, each apparently effective and economical as well as ‘green’:

The first had a state of the art, wood-fuelled central heating system; effectively a huge wood-burner but on a much larger scale than usual (we are talking twice the size of a standard oil tank located in the outbuildings) connected to a huge boiler. The burner was filled with logs from the grounds once a week and then comfortably heated a 20 room Château.

The second was a large biomass boiler linked to a huge storage tank in the ground that was filled with all sorts of natural forest waste, branches, leaves, walnut shells, bark etc collected from the land around and belonging to the Château. A huge cork screw system ensured that there was a continual supply of fuel pushed through the system, controlled by a thermostat; hence heating this huge property to a really comfortable level all winter practically for free.

Thirdly, just last week, I viewed a huge manor house/château that had decided on the pellet burner option but on a far grander scale than I had seen before, with an enormous storage hopper for pellets in the adjoining barn that was filled a couple of times a year directly from a delivery lorry to fuel the heating system that was fed automatically by a pump, heating the house at a tenth of the cost of the previous gas system.

Of course, none of these options are cheap to install; each cost well over 30,000 Euros and all rely on an abundance of large outbuildings for boilers and hoppers and, in the case of the first and second property, land and trees to provide the fuel. But, as a long term, ecologically friendly and affordable way to stay warm, these systems all have a lot going for them and will undoubtedly become more refined, efficient and cheaper over time.

It again makes me realize how lucky we are to live in this region with its plentiful wood supply, year-round sunshine, an abundance of spring and mountain water available for hydro-electric systems and masses of available land for growing and providing natural fuel. More by luck than judgement, we live in an area where we have the resources to heat our houses sustainably and in harmony with the environment as long as we learn to innovate and make the most of and replace what nature has so kindly provided us with here. 

State of the art, wood-fired central heating system