after a surge in volumes and prices since 2020, a decline is imminent

A region that still attracts more potential buyers than sellers. In Brittany, prices continue to rise but the market is heading.

Since the end of 2021, the number of transactions fell even significantly, maintaining the balance of Breton notaries in the first six months of 2022, published on September 15. This reduction was confirmed in the second quarter with 13.7% that decline in home sales in one year. Apartment sales also fell by 2.7% in the same period.

The price increase is 16% and there are no stocks in Rennes

As a result, in a metropolis like Rennes, which constantly gains residents, the median price of a house reaches 511,000 euros, which represents an increase of 16.1% a year.

Across Ille-et-Vilaine, transaction volumes fell by 5% over the period, which automatically increased prices.

The market there is very crowded recognized by Master Vincent Lemee, delegate of the Ille-et-Vilaine department of the Regional Council of Notaries, who says that old houses now represent only 7% of the number of sales, compared to 20% of Nantes. ” In the outer suburbs of Rennes, stocks have never been so low. We have nothing left to sell he added.

Brest, Lorient, Quimper and Saint-Brieuc, cities where prices have been more moderate so far, also recorded record price increases. Despite a 15% increase in one year, Saint-Brieuc (Côtes d’Armor) remains the cheapest city in the region.

This landing is consistent after the surge in transaction volumes and real estate prices that we have observed since the end of the restriction in 2020. The real estate market may add a decrease in 2023 due to the combined effects of the increase of interest rates. changing energy regulations, inflationary pressure and domestic concerns explains Olivier Arens, President of the Regional Council of Notaries of the Court of Appeal of Rennes.

Real estate credit: angry brokers leave Banque de France unmoved

220,000 euros for a house, excluding towns and beaches

If they expect a future downturn, notaries remain confident and are more likely to speak of “market stability”

There will be no housing market crash in the coming months, or even a quick settlement they assessed.

Over a year, the increase in property prices in Brittany shows no signs of slowing down in the second quarter of 2022 as the increase is +10% for houses and +8.8% for old apartments.

However, it is still possible, in Brittany, to stay in a house for less than 200,000 euros. want to assure the notaries.

According to their assessment, which takes into account the Loire-Atlantique market, the median price of a house is 220,000 euros. In the four departments of Breton, the average price fell to 201,200 euros.

If you are not looking for a property on the beach or in a big city.

Credits and market blocking

In fact, the differences are stark. In the coastal areas, the increase in prices caused demonstrations by locals who could no longer find accommodation, especially in Vannes. In the prefecture of Morbihan, where there are more elderly buyers, the median price of an old house is 410,000 euros.

In Ille-et-Vilaine, prices increased by 16% on the coast around Saint-Malo, Dinard and Saint-Briac.

The rapid rise in interest rates, which have declined almost continuously for 40 years, also slowed activity, while the usura rate (maximum rate at which banks are allowed to grant credit) weak ” note the Breton notaries.

So a scissor effect and denied loan applications. ” The margin for obtaining credit is shrinking and the risks that will cause the real estate market to be blocked in the coming months. they warned.

However, professionals are waiting for more insight into the last six months of the year to refine their predictions.

Real estate: the French market is about to settle, not collapse