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New French property tax 'should not affect market too much'

Date : (News Section: France)

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New French property tax 'should not affect market too much'
The new taxes being levied on foreign owners of French property are not likely to affect the market too much, according to one local real estate agent.

Trevor Leggett, chief executive of Leggett Immoblier, said he does not believe the new charges "will have a dramatic effect on the general housing market".

"Of much more importance will be whether agents and vendors bringing houses on to the market decide to price their properties sensibly - if they do then the market will continue to move," he asserted.

However, Mr Leggett acknowledged that if there is a tendency to inflate values to compensate for the additional taxation, the property sector could stall.

Writing for This is Money earlier this month, Simon Lambert suggested the new levies will not put Brits off buying homes in France, as many people see it as a long-term investment.

He noted that mortgage rates are favourable at present, while the rate of tax that is due to be paid on property transactions decreases the longer you own your home for, which means people purchasing with the intention of holding on to their asset will not be in any worse of a position than they are now should they decide to sell further down the line.
 
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Article by +Steve Binge on behalf of Propertyshowrooms.com

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