Number of second homeowners soar to record levels

Number of second homeowners soar to record levels

Research by estate agent Knight Frank has found the number of second homeowners in England has soared to a record level of almost a quarter of a million.

According to the estate agent, a change in holiday plans mean an increasing amount of buyers believe that a second home is a�?an investment, rather than a luxurya�?.

These second homeowners are said to be benefiting from the millions of people who are unable to afford a holiday abroad and are therefore letting their second properties out during peak season.

The research found that the most popular places for a second home are Devon, Cornwall, Somerset and Dorset.

Commenting on its findings, Liam Bailey, head of residential research at Knight Frank, said: a�?It used to be the case that holiday homes spent much of the off-season lying empty. They were a luxury from which it was hard to derive a significant income.

a�?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,a�? he added.

The fall in the value of the pound has also resulted in a growing amount of people buying in England rather than overseas.

In the last few years, the cost of buying a home in France or Spain has risen by about a quarter for British people because of the collapse of sterling.

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