10 Oct

Second home ownership on the up

Second home ownership on the up

Ownership of a second home is becoming increasingly commonplace in Britain, new figures have revealed.

According to a study from Nationwide one in ten Britons now own a second property, while 14 per cent respondents said they would like to own one in the future.

The survey's results bear out the increasing popularity among homebuyers of buy to let deals.

While 32 per cent said the home was for personal use and seven per cent let out the house as a holiday home, the overwhelming majority opt to rent out their second property.

Martin Gahbauer of Nationwide said: "Purchasers of second homes - be they for personal use or to let out - are an important source of housing demand and have probably helped push up prices in many areas of the country.

"One must not forget...that second home buyers also make important contributions to the local economy through their support of local businesses," he added.

The study comes in the wake of figures from the Council of Mortgage Lenders (CML) which revealed that while loans for house purchase declined over August, the buy to let sector remains buoyant.

According to the CML's figures, other lending, much of which is accounted for by buy to let mortgages, was up 37 per cent.

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