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August 18, 2010    

Number of second homeowners soar to record levels

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by Kay Murchie
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 “an investment, rather than a luxury”.

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: “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.

“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,” 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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