Many Brits now own second homes

Recently released figures have shown that a rising number of people in England now own a second home, with the number of people in England that own a second home having soared to record levels despite a shaky property and mortgage market.

The figures show that nearly a quarter of a million people in England now own a second home, and according to industry expert this is a trend that is expected to continue over the course of the year, with expectations that around another five thousand homeowners will get a second property, with many buying in areas such as Cornwall, Devon, and Somerset.

There are a number of areas in which round 10 percent or more of homes are actually second properties, and this has led to complaints from some locals who say that they are being priced off the property ladder by those purchasing second homes. This also highlights how some people are able to buy second homes whilst there are many that are struggling to buy their first.

The research was carried out by estate agent Knight Frank, and officials from the estate agency said that many people now see buying a second home as more of an investment rather than a luxury due to changing holiday patterns in the UK.

Liam Bailey from Knight Frank stated: ‘It used to be the case that holiday homes spent much of the offseason lying empty. They were a luxury from which it was hard to derive a significant income. That has changed. Increased demand for self-catering accommodation throughout the year has enabled buyers to look upon a second home as an investment, rather than a luxury.’