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French House Prices 40% Over-valued

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And this is not according to me (I was less bearish) but bank BNP Paribas or if you want to read the bank document rather than news article then go here.

All in French I'm afraid - I assume those interested in the detail for France will be able to read - those interested in global implications can draw enough from the figure and the name (BNP Paribas being a major French bank active in retail banking).

If more information needed in translation just let me know by reply.

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Wonder why this has not been picked up by the UK media?

because the UK media is financed by advertising. Now, how much of that advertising is Property related? Do you want to upset the very companies who give you the money to publish/air? Here's your answer.

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But there have been many bearish reports in the UK media over the last couple of months :blink:

because the UK media is financed by advertising. Now, how much of that advertising is Property related? Do you want to upset the very companies who give you the money to publish/air? Here's your answer.

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I hate to dissappoint but ....

1 Banks don't always get things right

2 Prises are still rising in most of Paris.

3 As always it is almost impossible to make a statement about a market in general. France is a collection of micro markets.

4 This would all have been writen before Sarko announced tax relief for mortgage interest on primary residences.

5 Don't believe everything you read.

6 Bonne journee.

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And this is not according to me (I was less bearish) but bank BNP Paribas or if you want to read the bank document rather than news article then go here.

All in French I'm afraid - I assume those interested in the detail for France will be able to read - those interested in global implications can draw enough from the figure and the name (BNP Paribas being a major French bank active in retail banking).

If more information needed in translation just let me know by reply.

I'd put in through babel fish for the translation but I reckon it'd just come back "France is Fukced the UK is next, hope this helps" ;)

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that about sums it up.

In Britanny (not my area, but spent some time there recently) its a bloodbath

Go take a look, it's tres amusant.

Brit: "But I paid this much for it and spent this much on it, it's half finished, SURELY someone must want to pay 20 times its true value???"

Other Brit: "I know, I know, I can't understand it. Last year they were selling like hot cakes... must be th ewet summer"

Brit: "yeah, lets hope the sun comes back soon, I need to sell it because my fixed rate UK mortgage just reset, and the stupid bastards wont allow me to extend my mortgage anymore - I think I'll sue them".

Frenchman: "Le fook. Le rosbif money is finally to dry oop. Le fooky-fook-fook fook. Better dust down ze old tractor again"

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that about sums it up.

In Britanny (not my area, but spent some time there recently) its a bloodbath

Go take a look, it's tres amusant.

Brit: "But I paid this much for it and spent this much on it, it's half finished, SURELY someone must want to pay 20 times its true value???"

Other Brit: "I know, I know, I can't understand it. Last year they were selling like hot cakes... must be th ewet summer"

Brit: "yeah, lets hope the sun comes back soon, I need to sell it because my fixed rate UK mortgage just reset, and the stupid bastards wont allow me to extend my mortgage anymore - I think I'll sue them".

Frenchman: "Le fook. Le rosbif money is finally to dry oop. Le fooky-fook-fook fook. Better dust down ze old tractor again"

Maybe we can swap le merdey old tractor for one of their renovated shacks. Ze wife, she always wanted new 'ouse, now we can 'ave one thanks to these stupid rosbif... haw haw haw haw.. du vin... haw haw haw..

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that about sums it up.

In Britanny (not my area, but spent some time there recently) its a bloodbath

Go take a look, it's tres amusant.

Brit: "But I paid this much for it and spent this much on it, it's half finished, SURELY someone must want to pay 20 times its true value???"

Other Brit: "I know, I know, I can't understand it. Last year they were selling like hot cakes... must be th ewet summer"

Brit: "yeah, lets hope the sun comes back soon, I need to sell it because my fixed rate UK mortgage just reset, and the stupid bastards wont allow me to extend my mortgage anymore - I think I'll sue them".

Frenchman: "Le fook. Le rosbif money is finally to dry oop. Le fooky-fook-fook fook. Better dust down ze old tractor again"

Hit the nail on the head !

That's the problem for the Brits who have piled into France in the last 4-5 years. They don't speak the language. They are ripe to be ripped off by French EA's , who are just as good/bad/efficient (delete as applicable) as their UK counterparts.

Also :

- The prices paid by brits are usually out of the average Frenchman's reach. The brit can really only try to sell to another brit at the high price. Not much chance of that happening now.

- They have bought new-build appartments. Not many French people fancy paying top dollar to live 12 months on a site that will be only busy for 4 months in the summer. Dead in winter. Only a large price drop would entice them.......

- The other main problem they will discover is that French banks are much less sympathetic to defaulters than in the UK. If you default , they will blacklist you and take away your chequebook/card etc pretty pronto. And the ban lasts 8 yrs. :P

Magnifique !

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Guest grumpy-old-man
that about sums it up.

In Britanny (not my area, but spent some time there recently) its a bloodbath

Go take a look, it's tres amusant.

Brit: "But I paid this much for it and spent this much on it, it's half finished, SURELY someone must want to pay 20 times its true value???"

Other Brit: "I know, I know, I can't understand it. Last year they were selling like hot cakes... must be th ewet summer"

Brit: "yeah, lets hope the sun comes back soon, I need to sell it because my fixed rate UK mortgage just reset, and the stupid bastards wont allow me to extend my mortgage anymore - I think I'll sue them".

Frenchman: "Le fook. Le rosbif money is finally to dry oop. Le fooky-fook-fook fook. Better dust down ze old tractor again"

I posted a "are you all worried about the hpc in Brittany" type thread on angloinfo.com, expat site. 99% of the replies were hilarious, property never drops in price, there are no problems here, IR's will drop soon anyway, type replies.

I will monitor the site now & again & see how it has changes over the next year or 2. ;)

What was noticable was the amount of property for sale had gone up considerabl,y & also a fair few of them were complaining about holiday bookings being down quite a bit. The place is saturated with low quality, refurbed, half finished gites......but charging the earth to rent them.....hilarious. :lol::lol:

Edited by grumpy-old-man

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Good points - my thoughts indented and in blue below:

I hate to dissappoint but ....

1 Banks don't always get things right

Won't catch me arguing with that
:lol:

2 Prises are still rising in most of Paris.

Good news for those buying outside Paris - latest FNAIM (national estate agent body) figures show house prices down 0.2% by month and apartments up 0.6%

Also do you know this is the case (a genuine question without any malicious intent as I am not following anything in Paris)?

3 As always it is almost impossible to make a statement about a market in general. France is a collection of micro markets.

Good point - but as for point 5 it's not about the rights or wrongs but the effect

4 This would all have been writen before Sarko announced tax relief for mortgage interest on primary residences.

Where we are looking (outside Paris) 5 out of 30 properties we are watching have dropped their asking price since Sarko came to power - don't deny this might have a boosting effect though.

5 Don't believe everything you read.

As a rule I don't - theory of "confirmation bias" suggests I will believe this article - but most importantly what effect will its publication have on those of neither bullish nor bearish disposition?

6 Bonne journee.

Je vous souhaite egalement une bonne journee

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5 Don't believe everything you read.

http://www.telegraph.co.uk/money/main.jhtm.../cnfrance28.xml

Never Ever :rolleyes:

More than 93pc of mortgages in Spain are on floating rates

http://www.propertyshowrooms.com/france/pr...ticle-1127.html

"The French property market is notoriously safe"

France's property market would become "livelier"

Never Ever :rolleyes:

Edited by alabala

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because the UK media is financed by advertising. Now, how much of that advertising is Property related? Do you want to upset the very companies who give you the money to publish/air? Here's your answer.

David Smith on his blog: "I don't, in response to Bears All, regard all house price crashers as "nutters", only those who think I base my arguments on a non-existent buy-to-let portfolio or to sell property advertising in The Sunday Times"

More unsolicited denials: We didn't burn him!

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