Ever wondered where all the second homes in the UK are hiding? Benham and Reeves’ latest research has uncovered the hotspots and market values of these secondary abodes across England and Wales.
With a grand total of 141,245 second homes, flats take the crown, making up 42% of this market. Detached properties follow at 24%. However, the regional breakdown reveals some interesting trends. In the East Midlands, East of England, and Wales, detached homes are the top choice, while in the North East, terraced homes reign supreme.
London, unsurprisingly, has its own unique flavour. Flats dominate the second home scene, accounting for a staggering 87% of all secondary properties in the capital.
Cornwall emerges as the second home superstar with 9,425 properties, the highest in any local authority in England and Wales. But when it comes to prestige and market value, Kensington and Chelsea and Westminster steal the show. The second home market in Kensington and Chelsea is worth over £6bn, with Westminster not far behind at £4.103bn.
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Outside of London, Cornwall’s second home market is valued at £2.873bn, followed by Tower Hamlets (£1.375bn), North Yorkshire (£1.036bn), and South Hams (£1.031bn), each boasting a market value exceeding £1bn.
Marc von Grundherr, Director of Benham and Reeves, highlights the immense size and value of this market. While some locals in holiday hotspots like Cornwall may frown upon the abundance of second homes, these properties bring significant investment to the housing market.
London, in particular, benefits from foreign buyers who invest in second homes, often renting them out and contributing to property appreciation. This investment helps maintain a balance in the housing market, ensuring more properties are available and stabilising rents.
So, whether it’s a flat in bustling London or a detached house in scenic Cornwall, second homes are a significant part of the UK’s property landscape, bringing both challenges and opportunities.
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