The prices of small flats in big cities are set to take a hit. Mark Harvey, of Knight Frank, said: “It is fair to say there will be a price adjustment.” Deals have so far been getting agreed at 5 to 25pc below asking price, he said.
The capital’s prime market, however, is still showing signs of resilience. “Paris is a scarcity market,” said Ms Lundgreen. Of 900 clients surveyed, 70pc did not want to put their properties up for sale until they had found somewhere they wanted to buy, she said. “We have a problem with supply.” The trend is towards the western suburbs, she said.
But even in the newly desirable rural parts of the country, are the bleak economic forecasts making French buyers cautious of launching into major financial transactions?
Moving to the country is another way to save money, said Mrs Leggett. “A lot of people are selling down and are moving out of the city to a less expensive property.”
In France, some parts of the housing market lost 40pc in value during the financial crisis. City locations recovered long ago, but in the countryside values are well below their peak. “They’ve only increased by 3 or 4pc since 2008,” said Mrs Leggett. “You can still buy a chateau in France for €500,000 (£450,000).” For those with more modest budgets, three-bedroom houses in nice villages can be found for €40,000.
When the travel ban lifts, Britons will have to battle new foreign competition for holiday homes too. “We have had a lot of people saying they would have bought in Spain and now want to buy in France because they are now scared of flying and they can drive there,” said Mrs Leggett.
Inquiries from abroad have increased by 55pc, said Mrs Lundgreen. Northern Europeans, notably Germans and Swedes, who would previously have bought in southern Europe are now switching their attention to Paris.
But Swedes could be the least of British buyer worries. For now, they face a much bigger problem.
The French government does not yet have a quarantine policy for international arrivals (currently non-essential travel is banned, and France will review its border policy on June 15) but French arrivals are subject to a “voluntary” quarantine.
The British government, however, has announced a compulsory 14-day quarantine for anyone arriving in the UK after June 8. “It will be disastrous if they don’t lift it,” said Mrs Leggett.
“We have had offers through virtual viewings that are subject to a physical viewing,” said Ms Cvetkovic. Those purchases may well stay on hold if buyers have to endure two weeks of house arrest after they visit for a viewing. “We are just hoping they don’t actually impose it.”