New Eurostar St Pancras Route Heralds the Rise of the Eurocommuter

UK-based think-tank, Future Forum, has estimated that by 2020, around 1.5 million people will work in Britain while living in another country and, following the launch of the new high-speed rail link from St Pancras in London to France this week, it looks like those figures could well be right on track.

Britons are increasingly finding themselves priced out of their own domestic market and, as a result, large numbers are making what was once an unimaginable decision and choosing to live abroad while working in the UK. Always a popular holiday destination, France’s popularity has shot off the scale in recent months, with UK financial services company HIFX reporting a huge 17% increase in enquiries from British buyers about purchasing property in France between the months of August and September this year alone. Directly linked to the new Eurotunnel train link, buyers are also finding that savings to be made are wider than just those on the price of a home, with travel coming out on average 50% cheaper than that in the UK. With properties in France generally around 30% cheaper than in the UK and with average rental income per French property currently at over £15,000 per annum, long distance commuting is becoming an increasingly viable option.

The high-speed rail line from St. Pancras will enable Eurocommuters to get home in just two-and-a-half hours and reports confirm that 20% of those looking to buy across the Channel are doing so with the intention of living in the UK for 2 or 3 three days per week, returning to their permanent homes in France for the rest of the time, truly getting the best of both worlds. The French market is ripe for expansion and ready to welcome the latest influx of visitors from across the water: vibrant for a number of years already, prices have risen by over 70% in the last 5 years but it nonetheless remains far more affordable than buying in Britain, even when legal fees and typical charges are taken into account. A huge draw for potential Eurocommuters and second-homers alike is the French property market’s well-documented stability. Having avoided the peaks and lows of other popular markets like Spain, France has remained in fashion and, indeed, is expected to grow by an estimated average of 6% over the coming year, especially in the area around Lille, a trip to which from London is now quicker than a journey from the UK capital to Manchester! Prices in Lyon and Toulouse are anticipated to fall, but Parisian property is expected to gain around 6% in 2008. Très bon!