The number of people who own a second home has risen 33% in ten years according to data from the English Housing Survey.
In 2018/19 there were 3.75 million second properties – up from 2.68 million a decade earlier. However attitudes to second home ownership are changing as the survey shows in 2018/19, 35% of second property owners thought of it as a long-term investment. Five years prior, this was 48%.
And the number of people who owned second homes as holiday homes has decreased as the buy-to-let market has grown.
Sarah Coles, personal finance analyst, Hargreaves Lansdown:
“The second home dream is alive and well. Despite rising prices, more than a million have been snapped up in the past decade alone. But most people aren’t planning a strategic property portfolio to make their millions, many have either realised their dream of owning a holiday home, or stumbled into becoming accidental landlords.
“When asked why they had a second home, more people said they wanted it as a holiday...
Want to see the rest of this article?
Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?
- Useful related articles
- Video and multimedia references
- Statistical information and reference material
- Glossary of terms
- Key Facts and figures
- Related assignments
- Resource material and websites