Moving to France, Brexit or not…
The EU Referendum result has cast a looming shadow over the overseas property market, with many wondering about the effects that this will have. While some are still “umming” and “ahhing” over whether they should carry on with their plans to move to an EU country until events are more certain, it’s great to see that many people are moving ahead, undeterred by all the Brexit doom-mongering.
Tracy and Mark Sharp, for example, decided that 2016 was the year to fulfil their dream of moving to France; and they continue to press ahead with their plans to open a chamber d’hôte in the town of Peyrat-le-Château, Limousin. After visiting the region in May of this year and finding the perfect property, they are now due to complete their purchase in September.
Tracy explains: “We didn’t really think Brexit would affect us too much, as no one seemed to know what would happen. There was quite a lot of scaremongering, but nothing ever concrete. We are not worried about what could happen, as we are pretty laidback and take everything in our stride.”
That is not to say, though, that they have not been affected by a certain ramification of the vote to leave the EU, that being the pound falling against the euro. Tracy commented: “I have to carry on working in the UK for another 18 months or so, as we’ve lost money with the exchange rate going down – money that we need for refurbishing our French home.”
But this has not deterred them from following their dreams of moving to and starting a business in France. The couple already operates a fishing holiday business, French Carp Adventures (frenchcarpadventures.co.uk), from their home in Whiteley, Hampshire, and are already familiar with the French way of life.
“Mark has been coming to France for 13 years and loves the country and culture,” continued Tracy. “I’ve been coming over for the past eight years and love the pace of life and the people. But you can’t forget the wine and cuisine – also big plusses of living there! We will be opening a chambre d’hôte, as Mark used to be a head chef and I’ve been in the hospitality industry for years. It’s something that we have always wanted to do.”
The property they have chosen is based in a great tourist location, which they hope will ensure it remains attractive to cyclists, ramblers, anglers and similar, thanks to the proximity of Lake Vassiviére and the pretty town of Eymoutiers. Subject to completion, their purchase is a 300 year old four bedroom property in the town’s church square; they will refurbish the attic for their own living quarters and renovate the remaining four bedrooms for guests. The low property prices in France mean that they were able to grab this property for the bargain price of only €54,000, including fees, and expect to spend around €18,000 in total on the refurbishment.
Charles Purdy, Director at Smart Currency Exchange, said: “It’s great to see that people are not being put off by the EU Referendum result and are still going ahead with their plans to purchase in Europe. While the weakness that sterling has experienced in recent months is of course a factor to bear in mind, it’s also important to remember that the rate we see now is very similar to the rate we were seeing back at 2013 – which did not stop people from buying property overseas. What’s more, we are unlikely to see any further ramifications of the vote to leave for expats until negotiations end – this will take at least two years once the negotiations have begun. Bearing in mind that it’s unlikely that the UK Prime Minister, Theresa May, will press the ‘Go’ button on these until the beginning of 2017 at the earliest, we may well have another three years of waiting to see what will happen – so there is no reason to put off planning your next move.”
If you are concerned about the effects that the current weakened sterling will have on your plans to move overseas, the best way you can protect yourself and your money is by speaking to the experts at Smart Currency Exchange today. Click here for a free quote today, and find out how much we can save you.