Brits and their second homes

Posted: 10 Oct 2007 11:02:37 GMT


            Property News - Brits and their second homes

New research shows that many Britons own a second home and even more would like to.

New research shows that many Britons own a second home and even more would like to.

According to a survey by Nationwide, one in ten people in the UK already own two properties, with most (55 per cent) using the second for buy-to-let purposes.

The second most popular reason is for personal use (32 per cent), followed by letting the property out as a holiday home (seven per cent).

Nationwide's senior economist Martin Ghabauer said that second-home owners have an important role to play in the UK housing market.

"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," he commented.

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

The Association of Residential Lettings Agents recently revealed that it believes that the private rented sector will account for 15 per cent of all UK housing in the next decade.

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