5% of adult Brits have second home in UK

A recent report has shown the level of wealth that Brits have tied up in property with figures showing that around 5% of adults in Britain have a second home within the UK. This equates to more than £2 million adults in Britain owning a second home.

Often this is homeowners that reside mainly in the city having a second home in the country, or homeowners that reside mainly in the country having a second home in the city.

The data comes from the Office for National Statistics. The report also shows that many people that have second homes in the UK have one main property in which they live and one buy to let property, which is often a flat in the city centre. The information formed part of the Wealth and Assets Survey from the Office for National Statistics.

Around 7% of those that own a second home come from the South East, where the ownership of a second home is more likely.

In the North-East, North-West and the Midlands around 3% of adults owned a second property. Many also own second properties in other countries according to the report.

The report suggested that the most popular destinations for a second home within the UK included the Norfolk, Devon, and Cornwall coasts, and amongst the most popular destination abroad were France, Spain, and Florida.