The Dordogne Property Market in July 2011

It's been a strange year in the Dordogne - and equally strange in the world of Dordogne property. On the weather front, we had uninterrupted sunshine from early Spring to the end of June. Then - just as the holidaymakers began to arrive for their summer break - the clouds came in. The weekly concerts arranged by our neighbourhood café have been rained out for four of the past six weeks. Our local rock festival - Le Grand Souk - escaped the worst, but generally it's been pretty drear. In international politics we've been entertained by the DSK episode, on tenterhooks over Greece and the eurozone, and alarmed by the US dithering over its debt.

As for Dordogne property - we thought last year was bad, but this year seemed to be even worse. Then suddenly - like the proverbial London buses - several offers came along at the same time and were accepted. I would like to think that this is the beginning of an upturn in the cycle. However, like all lights at the end of a tunnel, it may be an oncoming train.

It would be nice to draw some neat conclusions about the state of the market. But frankly it's a bit of a lottery. Demand remains weak. On the supply side we have taken on far fewer properties than last year, leading us to think that people are holding back, and waiting for better times to come - or perhaps just changing their plans.

As for buyers, it's difficult to generalise. As you would expect with the continuing weakness of sterling, British buyers are scarcer than before. We have noticed a tendency among some prospective buyers from the UK to put in very low offers, and then to be surprised if either they are not accepted or another buyer pips them to the post. The lesson here is simple: not everyone is desperate to sell so don't think there's a clearance sale!

That said, prices are soft. There are sellers who will accept reductions of up to 20% - but it's not necessarily the norm.

The impression we have is that the predominance of UK buyers is a thing of the past: we are now showing to people from elsewhere in the eurozone as well as to prospective buyers from the Middle and Far East.

What remains a constant is the basic quality of the product. The Dordogne will always be an attractive place to live, with stunning countryside, easy access to the UK and a wealth of property that is full of character and history. Once prices have adjusted - and it looks as if we are close to reaching that point - normal service will resume.

Antony Mair

MCM Dordogne Property