News Digest: A 2023 GBP/EUR High, an Earthquake Shocks Western France & Property Declaration Deadline

Prospective buyers will have seen an increase in their budget as GBP/EUR trades at its highest rate in 10 months. However, warnings of droughts continue, restrictions are placed on water use and an earthquake has hit western France. Most importantly, the deadline for the property declaration which all French property owners MUST complete is fast approaching. Here are the French news stories you need to know about this week.

GBP/EUR trading at its highest rate since August 2022

Those currently looking at buying property in France will now find that their budget has increased as the GBP/EUR exchange rate reaches a 10 month high of over 1.17.  For those currently in the process of completing on a property purchase, your property will have just gone cheaper, and no, they haven’t brought the price down. Instead, this is simply due to the exchange rate moving in favour of those needing to buy euros with their pounds.

If you’re hoping to take advantage of the exchange rate and would like to be kept up to date with the latest currency news, make sure to sign up for our free weekly currency newsletter.

Earthquake hits Western France

On Friday evening (16th June) an earthquake hit parts of Deux-Sèvres and Charente-Maritime, causing extensive damage, with over 200 people being forced to relocate due to damage to their houses and more than a thousand homes being left without power. The French Central Seismological Bureau (BCSF) recorded it as a magnitude of 5.8 and the National Seismic Monitoring Network (RéNaSS) recorded it at 5.3. The earthquake was felt as far away as Rennes and Bordeaux, and the village of La Laigne in Charente-Maritime was one of the most affected areas.

It’s the largest earthquake to hit the region in over 50 years, and the only one measuring a magnitude greater than 5 in mainland France since the one in Drôme in 2019. While the damage was extensive, earthquakes of this magnitude are rare in France with few areas that are exposed to significant seismic activity. A map with risks of earthquakes by location is available on the government’s Géoportail website, showing that the sectors most affected are in the Alps and the Pyrenean massif, which are still only at ‘average’ risk.

🔴 Un #séisme a secoué l’ouest de la France ce vendredi à 18h38. Son épicentre se situe à proximité de Niort. La magnitude est évaluée entre 5 et 6, ce qui est rare dans le pays ! (via EMSC) pic.twitter.com/N8q8oSwYXq

— Météo Express (@MeteoExpress) June 16, 2023

Deadline for French property declaration approaches…

All French property owners regardless of their citizenship or residence status must fill in a new tax declaration form before the 30th of June, 2023 – the Declaration d’Occupation. This declaration details the occupancy status of your French properties and the French tax authorities have now made it mandatory in order to determine who is and isn’t eligible for the tax.

This new property tax form applies to all French homeowners, including second-home owners, landlords, and property investors. As Digital Editor Zoë Smith stated in her useful guide; “If you own any kind of property in France, regardless of whether you live in the property, use it as a second home, or rent it out, or whether or not you pay taxes in France – you must fill in this form.”

Drought warnings and water restrictions

Several departments are still affected by water restrictions following the country’s driest winter since 1959 and the fact that more than 1,500 local French temperature records were broken in 2022. There is growing concern about a water crisis and limitations have been placed on water usage in certain areas to try and alleviate the risk. Residents can consult the Propluvia map which is updated daily with local regulations split into 4 levels of severity:

• Vigilance : encourage individuals and professionals to save water (level of awareness, no restriction);
• Alert : reduction of all water withdrawals and ban on activities impacting aquatic environments, restrictions on watering, filling and emptying swimming pools, washing vehicles and irrigating crops;
• Enhanced alert : reduction of all water withdrawals and ban on activities impacting aquatic environments, increased restrictions on watering, filling and emptying swimming pools, washing vehicles and irrigating crops;
• Crisis : this level is triggered to preserve priority uses, prohibition of water for agriculture (totally or partially), for many domestic uses and for public spaces.