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#300716 - 09/26/08 06:09 PM Deposits required in France
Peter Jones Offline
Someone posted a BBC article reporting that in France a typical deposit on a house is 20%. I now can't find that thread, but this is my response to the original BBC article.

What the article fails to say is that historically house and land prices in France have been extremely low by British standards, excepting only the expensive areas of Paris. When I bought a tiny 2-bed apartment in Oxford in 2001 the same amount of money would have bought a large luxury villa in a beautiful and quiet area near the sea in the south of France, with 10 or 12 acres of land, swimming pool, beautiful appointments, 7 bedrooms each with en suite bathroom, "cathedral" style living area, garaging for 6 cars, etc.. I know because a friend was trying to sell it. He still hasn't been able to sell it.

20% of very little is even less. It would be quite impossible for such large deposits to be required in Britain - nothing would ever sell.

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#300722 - 09/26/08 06:18 PM Re: Deposits required in France [Re: Peter Jones]
pugwash Offline
Its not that nothing would sell, its rather that the market would adjust to the level of how much down payment 1st time buyers could come up with and entry level homes would adjust to 5x that amount, with the rest of the market falling in line?

I had to put 10% down on my first home in England, and was 22 before I was able to afford that after working for 6 years.

When the US shake out is over with, look for an escalation in the FHA 3% minimum down payment requirement, and a 10% on conforming loans

And yes, French real estate is very affordable, and I would buy a place there immediately if it were not for the fact that most of it seems to be located in France smile
_________________________
It's rarely rocket science, it's usually just math: then again if you can't do the math.......

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