Brexit was voted for by the British people, and as the UK government struggles to reach a deal that suits everyone, property buyers, owners and sellers are all left wondering how Brexit might affect the market.
Whilst Brexit has certainly taken its toll on the UK property market, the ski property market is rather different as the most prominent ski areas are in Europe – who will be unaffected by the UK leaving.
It is the British buyers, sellers and homeowners in the EU who may be affected. It will also affect British holidaymakers who will be heading to the alpine slopes for their winter breaks.
We asked a couple of our partner agents, who shared their expertise with us regarding Brexit’s impact on the market. They are the experts after all and know where current buyers are coming from and how buyers and sellers are feeling about Brexit and of course the market as a whole.
Here’s what they had to say:
Gareth, Alpine Property
It doesn't seem to have affected the ski property market much. Only in as much as it has somewhat weakened the pound, so that has meant there are fewer UK based buyers. However, they seem to have been replaced by French and Anglo-Saxon buyers based in other countries (Switzerland, Middle and Far East).
The state of the snow has a larger effect.
Lesley Thomas, Alpine Property Investments
‘Whilst after the referendum in 2016, there was a definite lull in activity in the ski market, steadily this has reversed to the point now we are busier than ever. People do not want to put their life plans on hold any longer, nor be dictated to by the stalemate in the political system. This coupled with the fact that already so many people purchase a 2nd home in France, who are from outside the EU, this has provided confidence to those buying from the UK, that nothing will significantly change, should the UK leave.
With mortgage rates in France at an all-time low, and new property developments regularly being launched, we anticipate the ski market continue to demonstrate a strong attraction for all clients, be they from the UK, EU or beyond’.
We loved hearing such positive thoughts on this topic after so much speculation in the media. We expect to see some interesting market fluctuations this year, along with new buyers from many different countries investing in ski property. There are new developments popping up all the time and they are never short of offers and interest.
The fact of the matter is, it seems that now is very much the time to buy. Mortgage rates for non-residents are low so many Brits are actually getting ahead of the curve and buying EU property and moving abroad ahead of Brexit.
There will still be some things to consider a little later this year such as:
Mortgage rates for non-EU nationals – they may be not be able to borrow as much
The rate of exchange between pound and euro
Changes to property tax rates when buying a second home
Additional administrative issues
These are possibilities, not certainties. We will all have to sit tight and wait and see what happens come the end of March.
In the meantime, check out SnowOnly to browse an excellent selection of outstanding ski properties around the world and start planning your mountain dream home purchase!